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GST Stolen Rs 20,000 Crore by February, 50% Recovery Completed

GST Stolen Rs 20,000

The RS 20,000-crore GST (Goods and services tax) evasion case has so far surfaced in the current financial year.

The senior official said, the government is taking several more steps to prevent such fraud.

Central Board of indirect Taxation and Customs member John Joseph said the department will soon call a meeting of representatives of the real estate sector to explain the effects of the post-GST rate cut.

Joseph said that the RS 20,000-crore GST was caught between April and February, of which Rs 10,000 crore has been recovered. He said, the tax authorities have caught a bogus invoice of around Rs 1500 crore, through which Rs 75 crore was to be claimed.

"We have been able to recover Rs 25 crore. The process of charging the remaining money is also going on. '

At the meeting of the GST Council chaired by Finance Minister Arun Jaitley earlier this week, the GST rate on manufacturing apartments and affordable housing was reduced to five more. Earlier, the rate was 12% and 8%. He said, the government is trying to make the GST rates consistently rational.

"What is right for the rich cannot be cured for the poor," Joseph said. But five tax slabs will be merged into two or three slabs and the GST Council decides. ' GST in India currently has four rates, including 5, 12, 18 and 28 of the FSD slab.

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