Monsoon session: GST evasion, money laundering, bank fraud cases & more

Rs. 14,302 cr of GST evasion detected in April, May

As many as 2,784 cases of GST evasion involving Rs. 14,302 crore were detected in the first two months of the current financial year, while Rs. 5,716 crore was recovered during the period, Parliament was informed on Monday.
 

Finance Minister Nirmala Sitharaman in a written reply in the Lok Sabha gave details of Goods and Services Tax (GST) and income tax evasion, as well as detection of outright smuggling by the Customs department.
 

According to the data, GST evasion of over Rs. 2.68 trillion was detected in 43,516 cases between 2020-21 and 2023-24 (April-May). A recovery of Rs. 76,333 crore was made during the period while 1,020 people were arrested. In 2022-23 financial year alone, 741 groups were searched and Rs. 1,765.56 crore assets were seized.

3,110 money laundering, 12K FEMA cases in 3 years

The Enforcement Directorate(ED)  has registered 3,110 cases under the anti-money laundering law and over 12,000 complaints to probe alleged foreign exchange violations over the last three years, the government informed Parliament on Monday.

Minister of State for Finance Pankaj Chaudhary told the Lok Sabha in a written reply.

Bank fraud cases decline on improved detection: Govt 

Minister of State for Finance Bhagwat Karad said bank frauds had declined from Rs. 77,544 crore in 2013-14 to Rs. 1,650 crore in 2022-23.
 

Comprehensive steps, including measures to address security flaws/loopholes and to strengthen the fraud risk management mechanism in banks, have been taken by the government, RBI and public-sector banks, Karad said in a written reply to the Lok Sabha. 

Govt: No offset obligation lapsed in 5 yrs

The quantum of defence offset obligations for which claims have been submitted is $6.85 billion, the government said on Monday. 
 

Minister of State for Defence Ajay Bhatt said in Rajya Sabha, no offset obligation has lapsed during the past five years.