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Home Business GST officers arrest man for ₹ 50.03 crore ITC fraud, fake firms

GST officers arrest man for ₹ 50.03 crore ITC fraud, fake firms

GST officers have arrested an individual for creating fictitious firms and committing enter tax credit score fraud of ₹ 50.03 crore, the finance ministry mentioned on Sunday.

The officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi East have unearthed a community of fictitious firms which “was being operated by one Vishal, who is an advocate by profession and was practising law in Karkardooma Court, Delhi”, the ministry mentioned in a press release.

Vishal began this GST fraud by making a fictitious agency in his personal identify, which he bought registered at his residence. Subsequently, he organized varied KYCs of various individuals to create a number of fictitious firms having no enterprise exercise and created for the passing on fake Input Tax Credit.

“Multiple KYCs and cheques were resumed during the search of his residence. He used to pass on fake Input Tax Credit to his clients in exchange for a commission of 2 % of the invoice amount. The total fake Input Tax Credit passed on quantified so far is ₹ 50.03 crore, which is expected to increase as the investigation progresses,” it added.

The accused have been remanded to 14-day judicial custody until March 13.

Since the inception of GST Central Tax, Delhi Zone has made 27 arrests in varied circumstances, involving GST evasion amounting to greater than ₹ 4,019.95 crore, the ministry mentioned.

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