This financial year the Centre is expecting to recover evaded goods and services tax (GST) of over 50,000 crore, more than double compared to FY23, officials have told Business Standard.
This could be the highest ever annual tax recovery, they said. So far during FY24, the GST authorities have found 1.36 trillion has been evaded. Of this, 14,108 crore has been recovered. During 2022-23, an evasion of 21.01 trillion was detected and 21,000 crore was recovered.
A significant amount is expected to be recovered from wrongful input tax credit claims by insurance companies, GST payment on expat services under the reverse charge mechanism, clandestine clearances of tobacco products, and deals in immovable properties.
This story is from the October 25, 2023 edition of Business Standard.
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This story is from the October 25, 2023 edition of Business Standard.
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