GST officials bust fake invoicing racket
PTI, Mar 3, 2020, 2:46 PM IST
New Delhi: GST officers in Delhi have busted a racket of fake invoicing worth Rs 7,896 crore using a network of 23 shell companies.
The officers of Anti Evasion wing of Central Tax, Delhi West Commissionerate have busted a major racket of fake invoicing of Rs 7,896 crore involving fraudulent Input Tax Credit (ITC) of Rs 1,709 crore, using a network of 23 shell companies, Finance Ministry said in a statement.
These companies procured and generated invoices without the actual supply of goods and availed as well as passed on the input tax credit.
Two persons were arrested on February 29 and were remanded to 14 days judicial custody.
The accused persons were evading tax by creating several dummy firms for the purpose of passing on input tax credit by generating fake invoices.
“They also used banking transactions to make input tax credit 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 input tax credit towards GST liability, the statement added.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
MUST WATCH
Latest Additions
Karnataka sees over 22% voter turnout in 14 Lok Sabha seats by 11 AM
7 intermediate students die by suicide after announcement of results in Telangana
7 intermediate students die by suicide after announcement of results in Telangana
2 Army personnel Injured, 2 terrorists neutralized in Baramulla gunfight
BJP’s Nadda accuses Congress of politicizing reservations for SCs and OBCs’