Expect high GST collections to continue in Feb, say FinMin sources

 Sources in the finance ministry expect high GST collections in February as well, after a record mop up in December and January due to anti-evasion measures undertaken.

 

The nationwide drive against fake GST invoice frauds has yielded record GST collections of Rs 1.15 trillion in December 2020 and Rs 1.2 trillion in January 2021.

In the ongoing nationwide drive against fake GST invoice frauds since mid-November 2020, the Directorate General of GST Intelligence (DGGI) and CGST Commissionerates had arrested 12 persons in a single day.

 

As many as 329 persons have been arrested so far, of which at least four have been booked under Conservation of Foreign Exchange and Prevention of Smuggling Activities Act (Cofeposa). The GST intelligence and CGST authorities have booked more than 3,200 cases against 9,600 fake GSTIN entities till date. The authorities have also recovered more than Rs 1,000 crore.

 

Sources say the GST authorities have been using deep data analytics, integrated data-sharing to unearth input tax credit (ITC) utilisation frauds via fake invoicing and bogus firms. The technology has helped the GST ecosystem and intelligence authorities identify layer-by-layer activities of fake entities and their networking without any overreach and pinpoint fraudsters with specific inputs to take targeted actions and further probes against them.


Source:https://www.business-standard.com/article/economy-policy/expect-high-gst-collections-to-continue-in-feb-say-finmin-sources

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