GST officials have caught tax evasion of Rs 824 crore by 15 insurance companies, intermediaries and banks.
These companies have evaded this tax through forged bills (invoices). Officials gave this information on Thursday.
After getting information about this, GST intelligence officers in Mumbai conducted search operations at the premises of several insurance companies, intermediary entities, marketing/branding companies, non-banking financial companies (NBFCs) and banks, officials said.
During searches, it was found that these companies had availed Input Tax Credit (ITC) without supplying goods and services.
Officials said 15 insurance companies, intermediary entities, NBFCs and banks were allegedly evading GST in this manner. So far, GST evasion of about Rs 824 crore has been detected.
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