Thursday, January 20, 2022
HomeGeneralGST Intelligence unearths Rs 150-cr fraud

GST Intelligence unearths Rs 150-cr fraud

New Delhi: The Directorate of the Goods and Services Tax Intelligence here has detected fraudulent input tax credit (ITC) claims totalling Rs 150 crore after a series of raids, officials said here on Friday.

Directorate of the Goods and Services Tax Intelligence here has detected fraudulent input tax credit (ITC) claims totalling Rs 150 crore after a series of raids, officials said here on Friday.

GST intelligence officials conducted raids at units in Jammu and Kashmir, Delhi and Uttar Pradesh, finding most of them to be fake companies, officials said.

The dummy firms had purportedly supplied goods worth Rs 1,500 crore to help claim ITC of about Rs 150 crore in the past two years. The two Srinagar-based units used to get fake bills from the dummy firms and then claim ITC refunds from the government, officials said.

The accused had deposited Rs 6 crore with the GST authorities. Officials said investigations are still in progress.

Under ITC, manufacturers can deduct tax on inputs for their businesses from the amount that has to be paid to the government..

PTI

RELATED ARTICLES

Most Popular

%d bloggers like this: