GST officers bust network of 23 firms involved in fake ITC claims of Rs 550 cr
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Based upon specific intelligence, the officers of the anti-evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (West) have unearthed a case of availment/utilization and passing on of inadmissible input tax credit (ITC) through goods less invoices of about Rs 91 crore, the Finance Ministry said in a statement.
The firms involved in this network are M/s Girdhar Enterprises, M/s Arun Sales, M/s Akshay Traders, M/s Shree Padmavati Enterprises and 19 others. These 23 firms were floated in order to generate goods-less invoices with an intent to pass on fraudulent ITC without paying actual GST to the government.
These entities are dealing in various commodities and involved in generation of goods-less invoices worth Rs 551 crore and passing inadmissible ITC amounting to approximately Rs 91 crore.
The modus operandi involved floating of multiple firms with the intent to avail/utilize and passing on of inadmissible credit.
"Late Dinesh Gupta, Shubham Gupta, Vinod Jain and Yogesh Goel were associated in the said business of generating/selling fake invoices. ...All the three accused tendered their voluntary statement admitting their guilt," the ministry added.
The three were arrested under Section 132 of the CGST Act on July 10 and remanded to judicial custody. Further Investigations are in progress, the ministry added.
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