One held by CGST authorities for input tax credit fraud in Navi Mumbai

Photo for representational purpose. Pic/ iStock

The Central Goods and Services Tax (CGST) authorities in Navi Mumbai have busted a fake Input Tax Credit (ITC) racket of Rs 10.26 crore and arrested a trader, an official said on Wednesday.

The CGST officials arrested the owner of Al-Marwah Traders on Tuesday for allegedly availing, utilising and passing on fraudulent ITC on bogus invoices of over Rs 60 crore, the official said.

A team of officers from the anti-evasion unit conducted an inquiry against the firm, which was involved in trading scrap of ferrous, aluminium, copper and other metals, he said.

A probe revealed that the accused had availed and passed on fake ITC from various bogus firms, the official said.

The accused has been arrested under the Central Goods and Services Act, 2017 and has been remanded to judicial custody for 14 days, he added.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.