Advertising publicity firm director arrested over bogus invoices worth Rs 76 cr

Kolkata: A prominent Kolkata-based businessman who is the director of a major advertising publicity firm and an infra realty company was arrested by Director General of GST Intelligence (DGGI), Kolkata zonal unit on October 24. Both the firms were involved in availing irregular Input Tax Credit (ITC) for discharging their GST liabilities based on fake invoices issued by non-existent companies or proprietorship companies.

The officers of the DGGI found gross discrepancy in relation to his ITC availment and utilisation of the GST. The issue involved bogus trading, showing transactions among non-existent entries to take benefit of GST ITC and inflate the trade volume of his own companies as well. Search operations conducted at 10 premises across the city showed bogus invoices to the tune of Rs 76 crore being issued from non-existent entities. Preliminary probe also indicate that many of the bills raised have been overvalued with an intent to pass on fake ITC to other companies based in Mumbai and Delhi for further utilisation of irregular GST Input Tax Credit. The accused confessed the same during interrogation by the DGGI officers. The investigation has given vital leads about other firms who have indulged in such malpractice.