Thane, Oct 23 (PTI) Central Goods and Services Tax (CGST) officials arrested one person from Bhayandar in Thane district of Maharashtra for the input tax credit fraud to the tune of Rs 90.68 crore, an official release said.

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In a major drive initiated against fraudsters who are availing and utilising fake Input Tax Credit (ITC), the Thane Central GST Commissionerate, Mumbai CGST Zone, has arrested a mastermind who had opened a firm and was operating from Bhayandar west, said the release issued by Rajan Chaudhary, CGST and Central Excise Commissioner, Thane.

The accused indulged in the fraudulent availment and utilisation of the ITC to the tune of Rs 90.68 crore without receiving the goods or services in violation of the provisions of the CGST Act 2017, it said.

"His firm was dealing in trading of asbestos, cotton yarn, sewing thread etc. and had fraudulently taken the ITC by showing the value of goods amounting to Rs 503.80 crore. This was a paper transaction only without actual supply of goods and without filing of E-way bills," the release said.

The accused was remanded to judicial custody till November 5 by a court in Thane.

In separate cases, two firms operating in the Bhayandar area, who were also involved in the activity of fraudulently availing and passing on the Input Tax Credit amounting to Rs 292 crore, have been booked. These firms were not active and their registrations had been cancelled. Efforts are on to nab the masterminds in these cases also, the release said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)