GST fraud racket busted: Fake invoices worth Rs 658.55 crore unearthed
GUWAHATI: Central GST Itanagar Commissionerate has unearthed a racket involved issuance of fake invoices valued at Rs 658.55 Crores without any supply of goods.
To curb frauds in Goods and Service Tax (GST) and increase compliance, the GST formations, under the Central Board of Indirect Tax and Customs (CBIC), Ministry of Finance, Government of India are carrying out a focussed drive across the country on the issue of non-existent/ bogus registration and issuance of fake invoices without any underlying supply of goods and service.
In this regard, Central GST Itanagar Commissionerate has unearthed a racket involved issuance of fake invoices valued at Rs 658.55 Crores without any supply of goods.
The investigation revealed that M/s Siddhi Vinayak Trade Merchants, a firm registered in Arunachal Pradesh, had engaged in the fraudulent passage of Input Tax Credit (ITC) of Rs 99.30 Crores to fifty-eight firms across the country. The fraudulent activities included the creation of a firm using forged documents to create a fake firm, generation of invoices without supply of goods, the manipulation of GST returns to avail Input Tax Credit fraudulently resulting in a loss of nearabout 100 Crores to the Government exchequer.
