+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Tax fraud: 1,377 exporters who claimed ₹1,875 crore IGST refund 'untraceable'

Jul 17, 2020, 12:08 IST
IANS
BCCL
  • The list of 'risky exporters' includes 7 larger entities who are accredited as star exporters. In addition, adverse reports have also been received on three star exporters. These 10 star exporters have claimed IGST refund amounting to Rs 28.9 crore deceitfully.
  • Sources said on the condition of anonymity that as on date, 7,516 exporters are in risky exporter list. Out of them, IGST refund/drawback worth Rs 1,363 crore is suspended in respect of 2,830 risky exporters. Adverse reports have also been received with respect to 2,197 risky exporters.
  • According to the sources, the field formations of CBIC have detected offence cases amounting to Rs 115 crore against identified risky exporters. Also, out of the 234 suppliers' verification received so far, 82 suppliers have been found non-existing at their principle place of business.
Advertisement
Government crackdown on tax defaulters has revealed shocking data as a total of 1,377 exporters who have fraudulently claimed IGST refund amounting to Rs 1,875 crore have been found untraceable at their principle place of business.

Also, the list of 'risky exporters' includes 7 larger entities who are accredited as star exporters. In addition, adverse reports have also been received on three star exporters. These 10 star exporters have claimed IGST refund amounting to Rs 28.9 crore deceitfully.

Sources said on the condition of anonymity that as on date, 7,516 exporters are in risky exporter list. Out of them, IGST refund/drawback worth Rs 1,363 crore is suspended in respect of 2,830 risky exporters. Adverse reports have also been received with respect to 2,197 risky exporters.

According to the sources, the field formations of CBIC have detected offence cases amounting to Rs 115 crore against identified risky exporters. Also, out of the 234 suppliers' verification received so far, 82 suppliers have been found non-existing at their principle place of business.

It may be noted that exporters are identified as "risky" on the basis of specific risk indicators based on Customs, GST, Income Tax and DGFT data. The identified risky exporters are shared with the CGST formations for physical and financial verification in terms of GST policy wing for CGST formation.

Advertisement

Sources said that in 695 cases positive reports have been received from CGST formations that have found their suppliers to have availed ineligible ITC. Out of these, in 461 cases of IGST refund /drawback amounting to Rs 273 crore is under suspension.

These risky suppliers have been shared with jurisdictional field formations for their physical/financial verification and to verify the ineligible ITC availed by them.

SEE ALSO:
In India, schools can’t conduct online classes for more than 90 minutes for class 1 to 8 — and other guidelines to follow
Infosys shares are on fire because it beat TCS and Wipro⁠— and gave a soothing guidance
The world can’t wait for good news from Oxford, Serum Institute and AstraZeneca ⁠— but that is only the first step
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article