Bizman held for issuing fake input tax credit worth 102.62 cr
Coimbatore: The Directorate General of Goods and Services Tax Intelligence (DGGI), Coimbatore zonal unit, on Friday arrested a businessman for availing and passing on fake input tax credit (ITC) of 102.62 crore.
The officers of the Directorate General of GST Intelligence, Zonal Unit, Coimbatore, a law enforcement agency under the ministry of finance, on Wednesday (June 5) conducted search operations at the residence and business premises of a mastermind and certain firms, on intelligence that they indulged in availing and passing on fake Input Tax Credit without actual supply or receipt of goods.
The searches conducted led to the seizure of items like weighbridge printer, 17 PAN cards, 20 Aadhaar cards, passbooks of 21 different accounts, cheque books of 41 bank accounts, seals of 16 different firms, multiple phones used for receiving one-time passwords (OTPs) related to E-way bills, multiple SIM cards and multiple debit cards. The documents and evidence have indicated that the racket has passed on fake ITC worth of 65.42 crore and have availed fake ITC worth 37.20 crore.
