Goods and Services Tax – GST Dated:- 8-3-2024 – News – Meerut CGST Commissionerate busts syndicate that fraudulently claimed Input Tax Credit of over Rs. 1,000 crore through a network of 232 fake firms, 3 arrested Dated:- 8-3-2024 – The Anti-Evasion branch of Central Goods and Services Tax (CGST) Commissionerate, Meerut, started an investigation in October 2023 into a large syndicate that fraudulently claimed Input Tax Credit (ITC) by way of fake billing. The investigation conducted so far has revealed that total number of 232 fake firms , with 91 firms registered on a single mobile number, are registered at various places across the country and have passed inadmissible ITC of around Rs. 1,048 crore. Total value of goods shown to be supp
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through fraudulently passed on ITC. Further investigation revealed bulk purchases of around Rs. 1,120 crore from two of such FFMCs from other FFMCs. However, no record of further disposal/receipt of said foreign currency has been recovered during searches. Owners/ Directors of these two FFMCs, too could not produce any record or details of ultimate recipient of the foreign currency. None of the firms that issued invoices were found in existence. However, two beneficiary firms that had availed ITC on strength of fake invoices, were existent. Further investigation into these beneficiary firms revealed that in order to justify the fake purchases as genuine purchase, they made payment to two accounts belonging to two forex companies engaged in
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