Sunday, November 27, 2022



GST evasion worth Rs 824 cr unearthed, ICICI Prudential among 15 entities under probe

New Delhi, Sep 29, 2022- A Goods and Services tax (GST) evasion worth Rs 824 crore has been detected against 15 insurance companies as well as several non-banking financial companies (NBFCs).

According to sources privy to developments, these companies were reportedly found to be availing input tax credit (ITC) without underlaying supply of goods and services.

Sources informed that on the basis of specific inputs received against ICICI Prudential Insurance for reportedly availing ineligible ITC without underlaying supply of goods and services, certain other common intermediaries were also identified.

They informed that on further probe it was revealed that these entities had reportedly formed an arrangement to pass on ineligible ITC in the guise of marketing services and fraudulent invoices were allegedly raised by following a systematic modus operandi in connivance with each other.

Sources aware of developments said that the modus operandi was systematically planned and executed mainly at the behest of insurance companies.

The probe is learnt to have revealed that the insurance companies had been executing the modus since the inception of GST, sources pointed out.

Subsequently, searches were conducted by officials of Directorate General of GST Intelligence (DGGI) at the premises of several insurance companies and NBFCs in multiple cities, sources informed.

While the searches are still underway, sources said that ICICI Prudential reportedly paid Rs 100 crore in cash voluntarily under Section 74(5) of CGST Act, 2017 during the course of investigation.

Sources further informed that so far, GST evasion to the tune of Rs 824 crore has been unearthed and various insurance companies which availed and utilised ineligible ITC have voluntarily paid a total amount of Rs 217 crore in cash under Section 74(5) of CGST Act, 2017.

Subscribe to YesPunjab Telegram Channel & receive Important News Updates

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions


Stay Connected






As Airport Lounges Become More Crowded, Credit Card Issuers Have Put up Some Guidelines around Accessing the Benefit – Know Details Here

There was a time when economy-focused leisure travellers used to find it hard to get airport lounge access. Gone are those days, as now...

Guidelines for Picking Your Favourite student cover Plan

While accidents can happen at any time, children are a lot more prone to these, especially in school. Here, investing in a student cover...

The India we see now was envisioned by Nehru, brick by brick – by Sandeep Bamzai

Protected by British power, the rulers of princely states neglected their subjects; they not only collected rent, but also various illegal levies and subjected...


Health & Fitness

Some impressive benefits of Vitamin C supplements

New Delhi, Nov 27, 2022- Vitamin C is a very important vitamin that plays a number of roles in the human body. Packed with a wide range of impressive health benefits, the water-soluble vitamin is present in numerous fruits and vegetables such as oranges, strawberries, kiwi fruit, bell peppers, broccoli, kale, and spinach. Nutritionists recommend a daily Vitamin C...

Gadgets & Tech

error: Content is protected !!