After a series of searches at the premises of a prominent manufacturer in the iron and steel sector as well as its suppliers, the racket, which involved fraudulent Input Tax Credit (ITC) of Rs 11.09 crore, was busted
Representational Image
The Directorate General of GST Intelligence (DGGI) has arrested a supplier of fake invoices and detected fraudulent transactions of Rs 55 crore, an official said on Friday.
ADVERTISEMENT
After a series of searches at the premises of a prominent manufacturer in the iron and steel sector as well as its suppliers, the racket, which involved fraudulent Input Tax Credit (ITC) of Rs 11.09 crore, was busted, the Nagpur zonal unit of DGGI said in a release on Friday.
Also Read: Mumbai Crime: Man arrested for issuing fake GST invoice worth Rs 60.77 crore
"The manufacturer was availing fraudulent ITC on the strength of fake invoices from its suppliers without receipt of any goods. As part of the probe, lorry receipts, GR notes, weighment slips, vehicle details were checked, and it was found that several passenger cars were shown as heavy good vehicles.
The proprietor of the main supplier of invoices was arrested on June 10," an official said. Further probe into the racket was underway and a huge nexus of fake transactions are likely to be revealed, 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
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
