Mumbai: Bizman held by CGST in Rs. 7.11 Crore fake ITC case

The Anti-Evasion wing of CGST Mumbai South arrested Partner of M/s Rushabh Bullion, trader of gold and silver articles today for availing fake GST Input Tax Credit (ITC) amounting to Rs 7.11 crores from fake/non-existent entities.

According to the CGST officials, the investigation, in this case, was undertaken based on inputs provided by the Central Intelligence Unit (CIU). The search was conducted at the principal place of business of M/s Rushabh Bullion on Friday.

"The partner of M/s Rushabh Bullion in his statement Saturday admitted to availing ineligible ITC amounting to Rs 7.11 crores from two entities who were found to be fake/non-existent upon verification of their Principal Place of Business," the agency claimed in a statement.

"Based on evidences collected during investigation and statement, Partner of M/s Rushabh Bullion was arrested. He was produced before the court on Saturday and has been sent to judicial custody for 14 days," the agency officials claimed.

This case is a part of the Anti-Evasion drive launched by CGST, Mumbai Zone against tax evaders. As a part of this drive, CGST Mumbai South Commissionerate has detected tax evasion of more than Rs. 570 Crores, recovered Rs. 7 Crores and arrested 8 persons during the last six months.

The CGST department is using data analytics and network analysis tools to identify potential tax evaders and also coordinating with other tax authorities for nabbing tax evaders. The department plans to intensify this anti-evasion drive in the coming days and months.