Tax agencies unearth Rs 10,000cr bogus bill scam

In a major crackdown on illegal transactions, Indian tax agencies have unearthed more than Rs 10,000 crore of tax evasion due to issuance of fake bills as a part of its ongoing investigations. The department which was investigating for the last two years is expected to submit its report by September.

Investigating tax agencies include the Sales Tax, Income Tax and Excise Departments were investigating this for the past two years. The Finance Ministry’s Central Economic Intelligence Bureau is expected to submit its report by September.

The agencies undertook investigations in Maharashtra, Chhattisgarh, Odisha and Karnataka. They are also expected to expand their investigations to other states and expect a tax evasion of Rs 40,000- 50,000 crore for all India.

The main bone of contention has been then issuance of bogus bills without the actual delivery of goods. (Money Control)