GST authorities bust a racket of fake invoicing of Rs 7,896 crore
New Delhi: GST authorities in West Delhi busted a major racket of fake invoicing of Rs 7896 crore involving fraudulent Input Tax Credit (ITC) of Rs.1709 crore, using a network of 23 shell companies, the finance ministry said in a statement Tuesday.
The officers of Anti Evasion wing of Central Tax, Delhi West Commissionerate found that the network of fake companies procured and generated invoices without actual supply of goods and availed as well as passed on the ITC.
"The accused persons were evading tax by creating several dummy firms for the purpose of passing on ITC by generation of fake invoices," the statement said.
"They also used banking transactions to make ITC appear genuine. These firms issued the fake invoices to buyers, who availed fraudulent input tax credit without actually receiving any goods and defrauded the exchequer by way of availing ineligible ITC towards GST liability," it added.
Authorities have arrested two people who were caught in their hideout with several mobile phones, computers and incriminating documents. The accused been remanded to fourteen days judicial custody, and further investigation was going on.
- 17 May 2020 6:47 PM GMT
- 6 May 2020 6:06 PM GMT
- 8 May 2020 8:02 PM GMT
- 22 Aug 2019 6:17 PM GMT
- 25 Oct 2017 3:32 PM GMT
- 31 May 2020 10:38 AM GMT
- 31 May 2020 10:30 AM GMT
- 31 May 2020 7:15 AM GMT
- 31 May 2020 6:59 AM GMT
- 31 May 2020 6:55 AM GMT