14.6 C
New York

GST officers unearth Rs 34 crore input tax credit fraud


NEW DELHI: GST officers have unearthed Rs 34 crore input tax credit fraud, involving seven firms, the Finance Ministry said on Sunday.
The seven firms were created to generate bogus GST invoices, with an intent to pass on fraudulent input tax credit (ITC) without actual movement of goods and without paying goods and Services Tax (GST) to the government.
“Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (East) have unearthed a case of availment /utilisation and passing on of inadmissible input tax credit (ITC) through bogus GST invoices without actual movement of goods of Rs 34 crore (approx),” the ministry said in a statement.
These entities have generated fake GST invoices of value Rs 220 crore (approx) and passed inadmissible ITC amounting to Rs. 34 crore (approx).
“Rishabh Jain was the mastermind behind running this racket of creating bogus firms and generating/selling bogus GST invoices,” the statement added.
The modus operandi involved creating multiple firms with the intent to avail/utilise and passing on of inadmissible credit. The firms involved in this network are M/s Blue Ocean, M/s Highjack Marketing, M/s Kannha Enterprises, M/s S S Traders, M/s Evernest Enterprises, M/s Gyan Overseas and M/s Viharsh Exporters Pvt Ltd.
Jain was arrested on November 13 and remanded to judicial custody by the duty Metropolitan Magistrate till November 26, 2021.

For Latest Updates Follow us on Google News

**If you have any Query Related This Post then here is the Source Link**

Related articles

[adinserter block="2"]

Recent articles

[adinserter block="2"]