Highest Evaded GST recovery

This financial year the Centre is expecting to recover evaded goods and services tax (GST) of over Rs.50,000 crore, more than double compared to FY2023.

This could be the highest ever annual tax recovery, they said. So far during FY2024, the GST authorities have found Rs.1.36 trillion has been evaded. Of this, Rs.14,108 crore has been recovered. During 2022-23, an evasion of Rs.1.01 trillion was detected and Rs.21,000 crore was recovered.

In the previous years, fraudsters used several strategies such as undervaluing taxable goods and services to short-pay taxes, obtaining exemption notifications incorrectly, obtaining incorrect input tax credit, etc.

However, this year’s detection of frauds and probable recovery will be mainly driven by several compliance measures put in place, and amendments made to the GST regime to plug revenue leakages particularly in new edge sectors.