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

Sources in the expect high 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 of Rs 1.15 trillion in December 2020 and Rs 1.2 trillion in January 2021.

Sources said they expect the trend of higher collections to continue in February as well.

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 (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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Leave a Reply

Your email address will not be published. Required fields are marked *