SME Times is powered by   
Search News
Just in:   • Improved manufacturing data, auto sales lift Sensex over 600 points  • Auto sales gear up in Sept; await festive season for added fuel  • Maruti Suzuki's Sept sales zoom over 30%  • LG tipped to deliver best Q3 earnings in 11 years: Report  • Sept manufacturing up on higher demand 
Last updated: 21 Jul, 2020  

Rupee.9.Thmb.jpg Tax fraud: 1,377 exporters who claimed Rs 1,875cr IGST refund 'untraceable'

   Top Stories
» Auto sales gear up in Sept; await festive season for added fuel
» Sept manufacturing up on higher demand
» 'Centre, state fiscal deficit may touch 13% of GDP'
» Sept GST collection at Rs 95,480 cr
» Core sector output down 8.5 pc in August
SME Times News Bureau | 17 Jul, 2020
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.

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.
Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 02 Oct, 2020
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(2)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter