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One Held for Issuing Fake GST Invoices Worth Rs. 4,500 Cr

The Directorate General of GST Intelligence has busted a racket which was involved in providing fake invoices worth Rs. 4,500 crores to 636 firms and have arrested its mastermind.

During a series of search operations tracing fake firms in Delhi, DGGI officials found a company which was maintaining financial data on cloud. After further probe, the proprietor of one such firm was traced to Kolkata who was remotely maintain data on the server in Delhi.

The investigation revealed that on questioning the proprietor admitted that these firms had not supplied any goods and have issued invoices involving taxable value of approx. Rs. 4,521 crores, which have Input Tax Credit (ITC) implication of approx. Rs. 741 crores.

“Scrutiny of Tally data has shown that there are 636 firms being operated by this syndicate,” a statement from the Finance Ministry said. S-ET

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