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The Mumbai department of the Directorate General of Goods and Services Tax (GST) Intelligence has detected tax evasion of ₹824 crore by 15 insurance corporations, middleman advertising and marketing corporations and a number of non-banking finance corporations.
These corporations allegedly availed enter tax credit score (ITC) with out the underlying provide of products and companies, officers stated, including that an investigation is underway.
The DGGI recognized different intermediaries who have been engaged in the identical modus operandi.
Officials of the Mumbai Zonal Unit additionally visited the premises of a lot of insurance corporations in a number of cities. “The probe agency has also found that these entities had formed an arrangement to pass on ineligible ITC in the guise of marketing services, and fraudulent invoices were raised by following a systematic modus in connivance with each other,” stated one of many officers.
