Nearly 25% of 69,000 suspected GST accounts fake, CBIC drive reveals

New Delhi, July 7 (KNN) The Central Board of Indirect Taxes and Customs (CBIC) in the ongoing two-month drive to weed out fake GST accounts have found out that nearly 25 percent of suspected accounts do not exist, according to a TOI report.

As per reports, the fake accounts have vanished after availing benefits of around Rs 15,000 crore.
The authorities used artificial intelligence and data analytics to identify around 69,000 suspected accounts after scrubbing the GST database. The drive, which ends July 15, found 17,000 of them to be bogus, the report said.
The report also found out that Delhi had the highest success rate or the largest number of fakes detected from the list of suspect registrations.

“There are some decisions that have already been taken by the GST Council on the issues, we will implement them. The idea is to ensure that leakages are prevented,” the daily quoted an official as saying.

Currently, there are around 39 crore taxpayers registered under GST regime. The GST collections in June rose 12 percent to more than Rs 1.61 lakh crore, the finance ministry said on July 1. It was for the fourth time, the gross GST collection has crossed Rs 1.60 lakh crore mark.

The issue of fake accounts is likely to be addressed at the GST Council meeting on July 11, where the information will be shared with finance ministers of the states.

CBIC, however, does plan periodic checks to ensure that the benefits are not misused, the report said.
KNN Bureau