One arrested in connection with fake GST invoices worth Rs 72 crore

Economy


The Central Goods and Services Tax (GST) Delhi North Commissionerate Saturday arrested one person who received fake invoices valued at Rs 71.22 crore involving fraudulent Input Tax Credit (ITC) of Rs 12.82 crore from 30 bogus firms.

The finance ministry said in a statement that the modus operandi was to create various fake firms in the name of employees of the operator of fake firms and other persons.

“The accused was arrested Saturday and was sent to judicial custody till March 21. Further investigation in the case is in progress,” the statement added.

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Fake e-way bills were generated for several vehicle numbers, bogus invoices were received by the accused from the operator of fake firms for availing fraudulent ITC. Payments were made to the operator of these bogus firms through bank and the same were received back in cash by the accused after deducting the commission, up to 50% of the tax value involved in the fake invoices, the statement said, explaining the modus operandi.

Simultaneously, the accused used to procure non-GST paid goods from small unregistered manufactures or traders without paying the GST and used to pass on the fraudulently availed ITC to his buyer.



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