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India Lost 13 bn USD in Tax Revenues in 2016 Due to Trade Mis-Invoicing
June 06, 2019
According to a report by Global Financial Integrity (GFI), India lost around 13 billion USD in potential tax revenue in 2016 due to trade mis-invoicing. This would have made a whopping 5.5% of the government’s total revenue collection at the time.
In trade mis-invoicing, importers and exporters misreport key business details which include the number of goods sold/bought, nature of these goods, etc. It’s regarded as one of the most common tax frauds in the country.
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