Centre detected Rs 1.31 lakh crore evasion in goods and services tax in FY23

Centre detected Rs 1.31 lakh crore evasion in goods and services tax in FY23

The Centre has detected Rs 1.31 lakh crore evasion in goods and services tax (GST) in FY23, reflecting a sharp rise in dubious activities in the indirect tax system over the previous two years.

In FY22 and FY21, the Centre had detected Rs 73,238 crore and Rs 49,384 crore evasion on the GST network, respectively.

While sharing the data on tax evasion, the finance minister informed the house about the series of measures being taken by the government to plug the loophole, including reduction in threshold for issue of e-invoice for B2B transactions from Rs 10 crore to Rs 5 crore from August 1.