CGST officials dismantle fake input tax credit racket worth Rs 14 cr, order

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NNA |
Update:
May 25, 2022 05:14 STI

Bombay (Maharashtra) [India]May 25 (ANI): Officials at Bhiwandi Police Station in Mumbai’s CGST area arrested the owner of Bswar Industries who was involved in the use and transmission of a bogus Input Tax Credit (ITC) of Rs 14.4 crore using counterfeit notes of Rs 73 crore.
Acting on the intelligence shared by the Central Intelligence Unit (CIU) of the CGST Mumbai Zone, an investigation was initiated by anti-escape agents from the Bhiwandi police station.
During the investigation, it was found that the company was involved in the use and transmission of fake ITCs worth Rs 14.4 crore using fake invoices worth Rs 73.1 crore, a indicated the statement of the CGST.

This business turned out to be a sham as no business activity was conducted in its declared business premises.
The investigation revealed that the company fraudulently used a fake Input Tax Credit (ITC) of Rs 7.2 crore and then forwarded this fake ITC of Rs 7.2 crore to various entities, without receipt or actual supply of goods.
As a result, the owner of Bswar Industries was arrested under Section 69 of the CGST Act 2017 on Tuesday and she was brought before the Honorable Additional Chief Metropolitan Magistrate, Fort, Mumbai on the same day.
The court remanded the accused to 14 days in police custody. This operation is part of efforts by CGST Mumbai Zone to root out fake ITC networks, which have vitiated the country’s healthy economic ecosystem and defrauded the public treasury.
This is the eighth arrest made by CGST and CEx Bhiwandi Commissionerate in the past 8 months, CGST added. (ANI)


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