GST Fraud: 9000 fake GST numbers worth 25 thousand crores busted, big success in campaign against bogus companies.

There has been great success in the ongoing action against bogus companies. GST officials have busted 304 syndicates with over 9,000 fake Goods and Services Tax Identification Numbers (GSTINs). These companies had claimed 25,000 crore through bogus Input Tax Credit (ITC).

Vivek Johri, chairman of the Central Board of Indirect Taxes and Customs, said only 40 per cent of the corporate income tax payers are registered under GST. Even after completion of six years of GST, only 1.39 lakh businessmen are registered in it. In a program on GST Day, the jeweler appealed to the businessmen that they must register in GST. Only they will benefit from this. The central and state authorities are running a special two-month program to keep an eye on bogus traders.

There is no loss of revenue to any state after the introduction of GST.

Finance Minister Nirmala Sitharaman said, there has been a boom on the tax front due to GST. Hence, both the Center and the State have benefited. Today, no state has lost revenue after GST. Before GST was implemented, India’s indirect tax system was fragmented, with each state being a separate market for customers.

AP Mahesh Cooperative Urban Bank fined Rs 65 lakh

Here, the Reserve Bank of India (RBI) has imposed a fine of Rs 65 lakh on AP Mahesh Cooperative Urban Bank. The Hyderabad Police said on Saturday that the Reserve Bank has taken this action for non-compliance with the provisions of the Cyber ​​Security Framework for Primary (Urban) Co-operative Banks. An intensive cyber audit by the RBI and an investigation by the Hyderabad Police have revealed significant lapses in the bank. Due to which the hackers had made a dent in the bank. In January 2022, Rs 12.48 crore was withdrawn from the system through phishing mail.