ITC frauds under GST rise 170% in just nine months of FY20

The number of input tax credit (ITC) fraud cases under Goods & Services Tax (GST) in the first nine months of this financial year has risen 170 per cent more than that reported in the whole of last fiscal. During the same period, the amount involved is nearly 80 per cent of full FY19.

According to a Parliamentary Committee report, tabled on Thursday, the number of ITC fraud cases, based on fake invoices during April-December of this fiscal, surged to 5,986. 

This number was 2,211 in the 12 months of 2018-19. In terms of amount involved, the first nine months of this fiscal recorded over Rs.13,000 crore while recovery was nearly Rs.550 crore. 

During 2018-19, the total quantum was nearly Rs.10,400 crore, while recovery was a little over Rs.800 crore. #casansaar (Source - The Hindu Business Line)