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Government uncovers tax evasion by over 29,000 fake firms since May
source link: https://nextbigwhat.com/government-uncovers-tax-evasion-by-over-29000-fake-firms-since-may/
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Government uncovers tax evasion by over 29,000 fake firms since May
- Since May 2023, 29,273 bogus firms suspected of evading ₹44,015 crore in Input Tax Credit (ITC) have been detected.
- The government is considering technology-based risk profiling to pre-empt such frauds, which have cost over ₹4 lakh crore in the past four years.
- To combat these frauds, measures such as biometric-based Aadhaar authentication at registration and system-generated intimations for tax liability reconciliation are being implemented.
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