Goods and Services Tax – GST Dated:- 9-10-2020 – News – An intelligence was developed by the officers of DGGI that few exporter companies were engaged in fraudulent availment of Input Tax Credit (ITC) on the invoices of non-existing and fictitious firms or such firms which apparently do not have any purchases themselves. The ITC so availed was utilized to pay IGST on the export goods, which was thereafter claimed as cash refund. Thus, the government exchequer was put at double loss on one hand ITC was obtained on goods where no tax was paid and on the other hand IGST paid from such fraudulently availed ITC was obtained as cash refund. The amount of IGST refund obtained is estimated to be approx. ₹ 61 crore. DGGI, Hqrs. searche
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