Recovery of fraudulent GST input credit rises to12% in FY24
The recovery rate in Goods and Services Tax (GST) cases pertaining to input tax credit (ITC) fraud has gone up significantly in FY24, with the Directorate General of GST Intelligence(DGGI) recovering more than 12 percent of the dues against 2-3 percent in the previous years, government sources aware of the development told Moneycontrol .
Even commoners are falling trapped by fraudsters, said a GST compliance expert.
The DGGI has detected GST frauds to the tune of Rs 21,089 crore during FY24. Of this, Rs 2,577 crore have already been recovered, they said. The new set of recovery data is expected to be made public soon.
This improvement in recovery rate comes as the DGGI has started to adopt a proactive strategy to detect ITC cases in the early stages. The department is also following many new means, like artificial intelligence and data tools, and is actively sharing data with other regulators to ensure early detection of ITC frauds.
