Govt to probe gaming firms for GST evasion worth Rs 23,000 Cr
By MYBRANDBOOK
GST evasion of about Rs 23,000 crore by gaming companies between April 2019 and November 2022 is being investigated by the tax officers. Assets amounting to Rs 289.28 crore have been seized under the Foreign Exchange Management Act, 1999.
Minister of State for Finance Pankaj Chaudhary said the Enforcement Directorate (ED) has attached proceeds of crime of more than Rs 1,000 crore in several cases related to Cyber and Crypto assets frauds wherein online gaming etc have been used for siphoning the proceeds.
In these cases, proceeds of crime of more than Rs 1,000 crore have been attached/seized/freezed under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). Also, 10 Prosecution Complaints (PCs), including 2 supplementary PCs, have been filed before the Special Court PMLA.
About evasion of Goods and Services Tax (GST), the minister said Central Board of Indirect Taxes and Customs (CBIC) formations have initiated investigations against some gaming companies (including online gaming firms) located in India as well as abroad. He said, “The estimated evasion of GST by these companies works out to Rs 22,936 crore, relating to the period April 2019 to Nov. 2022.”
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