Date: 19/05/2022

Fake ITC worth INR 50,000 cr. detected
In a special drive, the Central Board of Indirect Taxes & Customs (CBIC) has managed to detect fake Input Tax Credit (ITC) amounting to over Rs 50,000 crore in 18 months. The drive, which commenced in November 2020, has so far resulted in the booking of more than 6,700 cases and arrests of over 650 persons. More than 20,000 fake GSTNs have been unearthed and over Rs 50,000 crore fake ITC detected, said a report.
Source: Exim News Service: New Delhi, May 18