Rs 172 crore fake input tax credit racket busted; chemical company owner held
GST
Dated:- 11-2-2026
PTI
Thane, Feb 11 (PTI) The Central Goods and Services Tax (CGST) authorities in Maharashtra's Thane have busted a racket allegedly involved in fraudulently availing input tax credit (ITC) of Rs 172 crore, and arrested a chemical company's owner for the scam, officials said on Wednesday.
The action was taken by the anti-evasion wing of the CGST and Central Excise of Thane Commissionerate.
In its probe, the commissionerate found that Bhaumik Girishbhai Gandhi, director of Florida Solvent Private Ltd, was the mastermind who fraudulently availed and passed ineligible ITC without the actual receipt and supply of goods to the tune of
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