October 23, 2021

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GST officers busts community of 23 companies for fraudulently claiming Rs 91 cr ITC

GST officers busts network of 23 firms for fraudulently
Picture Supply : PTI

GST officers busts community of 23 companies for fraudulently claiming Rs 91 cr ITC

GST officers have busted a community of 23 entities concerned in creation of faux invoices value Rs 551 crore and passing inadmissible enter tax credit score value Rs 91 crore.

Primarily based upon particular intelligence, the officers of the anti-evasion department of Central Items and Service Tax (CGST) Commissionerate, Delhi (West) have unearthed a case of availment/utilization and passing on of inadmissible enter tax credit score (ITC) by means of items much less invoices of about Rs 91 crore, the Finance Ministry mentioned in a press release.

The companies concerned on this community are M/s Girdhar Enterprises, M/s Arun Gross sales, M/s Akshay Merchants, M/s Shree Padmavati Enterprises and 19 others. These 23 companies had been floated as a way to generate goods-less invoices with an intent to move on fraudulent ITC with out paying precise GST to the federal government.

These entities are dealing in numerous commodities and concerned in technology of goods-less invoices value Rs 551 crore and passing inadmissible ITC amounting to roughly Rs 91 crore.

The modus operandi concerned floating of a number of companies with the intent to avail/make the most of and passing on of inadmissible credit score.

“Late Dinesh Gupta, Shubham Gupta, Vinod Jain and Yogesh Goel had been related within the mentioned enterprise of producing/promoting pretend invoices. …All of the three accused tendered their voluntary assertion admitting their guilt,” the ministry added.

The three had been arrested below Part 132 of the CGST Act on July 10 and remanded to judicial custody. Additional Investigations are in progress, the ministry added.

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