GST enforcement action likely to fetch over Rs 50,000 crore in FY24

Could be highest recovery ever in a year

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 FY23, officials have told Business Standard.

This could be the highest ever annual tax recovery, they said. So far during FY24, 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.

A significant amount is expected to be recovered from wrongful input tax credit claims by insurance companies, GST payment