India News | Fake Input Tax Credit Racket of Rs 21 Crore Busted in Navi Mumbai

Thane, Feb 16 (PTI) The Central Goods and Services Tax (CGST) Commissionerate in Navi Mumbai on Wednesday said it has busted a racket of fake input tax credit (ITC) invoices worth Rs 21 crore and arrested the proprietor of a firm.

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The firm - Shree Ram Enterprise - was engaged in availing, utilising and passing on fraudulent ITC based on the bogus invoices of around Rs 100 crore, thereby defrauding the government exchequer, an official release said.

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A team of officers of anti-evasion unit of the CGST, Navi Mumbai conducted an inquiry against the firm. As per the statement of the proprietor, it is involved in the trade of scrap of ferrous and other metals. However, investigation revealed that the taxpayer has availed and passed on fraudulent ITC from various non-existing/bogus firms, it said.

The accused was arrested under sections of the Central Goods and Services Tax Act, 2017 for committing offences, and was produced before the Judicial Magistrate First Class (JMFC), Vashi at Belapur, which sent him to 14-day judicial custody, 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)