Mumbai: Director of pvt firm held by CGST in Rs 27.59 cr ITC fraud

Mumbai: Director of pvt firm held by CGST in Rs 27.59 cr ITC fraud

Acting on a specific input received from Central Intelligence Unit, CGST Mumbai Zone, the anti-evasion wing of CGST Mumbai South Commissionerate had initiated an investigation.

Staff ReporterUpdated: Thursday, August 11, 2022, 09:35 PM IST
article-image
Photo: Representative Image

Officers of CGST Mumbai South Commissionerate have busted a fake GST invoice racket, which was used to allegedly avail and pass on fake GST Input Tax Credit (ITC) of around Rs 27.59 crore, on bogus invoices of Rs 455 crores, and have arrested the director of M/s Ammy International Journal (OPC) Private Limited.

Acting on a specific input received from Central Intelligence Unit, CGST Mumbai Zone, the anti-evasion wing of CGST Mumbai South Commissionerate had initiated an investigation. During investigation, it was found that the taxpayer was non-functional at the registered place of business. The director of the company did not join the investigation and was absconding since last few months. However, he joined the investigation on August 10 and his statement was recorded wherein he admitted his role in this tax fraud.

Investigation revealed that this company had fraudulently claimed input tax credit of Rs. 14.15 crore and passed on fake input tax credit of Rs. 13.44 crore to various non-existent entities. Bogus invoices of Rs 455 crore were issued for availing and passing on of inadmissible input tax credit, in a fraudulent manner without actual supply or receipt of goods, in gross violation of provisions of the CGST Act.

Based on material evidence gathered during the investigation and admission of his role in this tax fraud, the accused person was arrested on August 10. He was produced before the Additional Chief Metropolitan Magistrate, Esplanade. The Magistrate has remanded him to judicial custody for 14 days.

RECENT STORIES

OctaFX Under Scanner For Laundering Funds Via Malaysian Shell Firms And Offshore Network

OctaFX Under Scanner For Laundering Funds Via Malaysian Shell Firms And Offshore Network

Navi Mumbai News: Injured Flamingos Left Behind In Nerul Wetland As Main Flock Migrates To Kutch

Navi Mumbai News: Injured Flamingos Left Behind In Nerul Wetland As Main Flock Migrates To Kutch

Mumbai Metro Line 3 Contractor Fined ₹10 Lakh For Flooding At Acharya Atre Chowk Station

Mumbai Metro Line 3 Contractor Fined ₹10 Lakh For Flooding At Acharya Atre Chowk Station

Mumbai News: Devotees Mark Guru Purnima With Rituals, Processions And Global Tributes To Spiritual...

Mumbai News: Devotees Mark Guru Purnima With Rituals, Processions And Global Tributes To Spiritual...

Maharashtra Introduces Public Security Bill To Curb Urban Naxalism; Opposition Warns Of Dissent...

Maharashtra Introduces Public Security Bill To Curb Urban Naxalism; Opposition Warns Of Dissent...