Back to Career News

India Lost 13 bn USD in Tax Revenues in 2016 Due to Trade Mis-Invoicing

June 06, 2019

India Lost 13 bn USD in Tax Revenues in 2016 Due to Trade Mis-Invoicing

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.

Image Source

Recommended for you ...

Axis Bank and Mastercard Launch Premium Credit Card for Small Business Owners
Axis Bank and Mastercard Launch Premium Credit Card for Small Business Owners

September 26, 2024

Banks Report Over 15% Growth in New Credit Card Additions: RBI Data
Banks Report Over 15% Growth in New Credit Card Additions: RBI Data

September 26, 2024

National Company Law Tribunal (NCLT) Approves Merger of IDFC and IDFC First Bank
National Company Law Tribunal (NCLT) Approves Merger of IDFC and IDFC First Bank

September 25, 2024

Chat on WhatsApp