Tax authorities are currently investigating cases of GST evasion amounting to approximately Rs 23,000 crore by gaming companies from April 2019 to November 2022, according to Minister of State for Finance Pankaj Chaudhary.
In response to a question in the Lok Sabha, Chaudhary stated that the Enforcement Directorate (ED) has seized proceeds of crime exceeding Rs 1,000 crore in multiple cases related to cyber and crypto assets frauds, where online gaming platforms were utilized to siphon off the funds.
Chaudhary revealed that the Central Board of Indirect Taxes and Customs (CBIC) has initiated investigations into various gaming companies, including online gaming firms, situated in India and abroad, with an estimated GST evasion amounting to Rs 22,936 crore during the period from April 2019 to November 2022.
Furthermore, the ED is actively investigating cases related to cyber and crypto assets frauds. As of December 6, 2022, proceeds of crime exceeding Rs 1,000 crore have been seized under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). Additionally, 10 Prosecution Complaints (PCs), including 2 supplementary PCs, have been filed before the Special Court PMLA.
Moreover, assets worth Rs 289.28 crore have been seized under section 37A of the Foreign Exchange Management Act, 1999, the minister added.
In response to a question about whether the Income Tax Department has issued notices to gaming companies for non-payment of taxes, Chaudhary stated that the information is currently unavailable due to the lack of a specific identification code for online gaming entities in the Income Tax Return.
“The disclosure of information about a specific taxpayer is prohibited, except as provided under section 138 of the Income Tax Act, 1961,” he added.
Denial of responsibility! TechCodex is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Eugen Boglaru is an AI aficionado covering the fascinating and rapidly advancing field of Artificial Intelligence. From machine learning breakthroughs to ethical considerations, Eugen provides readers with a deep dive into the world of AI, demystifying complex concepts and exploring the transformative impact of intelligent technologies.
