Fake ITC Claim Under GST: The ministry stated that the faux invoicing syndicate issued invoices with a taxable turnover of Rs 1,481 crore
Fake ITC Claim Under GST: DGGI Meerut Zonal Unit has dismantled a significant syndicate operated by 4 masterminds.
GST officers have busted a syndicate concerned in fraudulently passing on enter tax credit score (ITC) of Rs 275 crore by way of 102 faux companies.
In an announcement the finance ministry stated by way of meticulous information mining and utility of thoughts, the officers of the Directorate General of Goods and Services Tax Intelligence (DGGI) Meerut Zonal Unit has efficiently dismantled a significant syndicate operated by 4 masterminds.
The ministry stated that the faux invoicing syndicate that issued invoices with a taxable turnover of Rs 1,481 crore, leading to passing on of fraudulent Input Tax Credit of Rs 275 crore by way of 102 faux companies to over 1,000 beneficiary corporations.
One of the masterminds, working in a placement consultancy agency, was liable for arranging PAN, Aadhaar, electrical energy invoice, handle proof, and different paperwork required for GST registration. To obtain this, the mastermind enticed candidates with modest monetary perks in trade for surrendering their KYC paperwork. These KYC paperwork had been then handed on to the opposite two masterminds, who used them to create fictitious corporations.
During the operation, DGGI officers performed coordinated raids at a number of places and seized an unlimited cache of incriminating proof, together with laptops, desktops, digital storage units, PAN card, Aadhaar card, cheque books, greater than 25 mobiles, SIM playing cards used for receiving OTPs, and rubber stamps of shell entities.
All 4 accused people had been offered earlier than the Economic Offence Court in Meerut on November 4 and have been remanded in judicial custody till November 17, 2023.
(This story has not been edited by News18 employees and is printed from a syndicated information company feed – PTI)
