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Rs 8 crore ITC fraud busted in Mumbai, one held
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SME Times News Bureau | 13 May, 2022
The Thane Central GST Commissionerate has exposed a fake GST Input Tax
Credit (ITC) scam and nabbed the proprietor of a firm based in Mumbai, a
top official said here on Friday.
Following a reliable
tipoff from the CGST Central Intelligence Unit, the anti-evasion wing of
Thane launched a probe into the finances of J.J. Lime Depot, Dahisar,
which was engaged in a business of construction materials, said CGST
Commissioner Rajan Chaudhary.
"The investigations revealed that
this firm had fraudulently claimed ITC of Rs 8.05 crore in its financial
records. It had issued bogus bills of over Rs 40 crore for passing on
of this tax credit without any supply of goods, violating the provisions
of the CGST Act, 2017," he said.
The proprietor of the firm
admitted in his statement, recorded during the investigation, that he
had issued fake invoices to many Mumbai-based infrastructure companies,
for a commission.
He was placed under arrest on Thursday under
various sections of the laws and a Mumbai court sent him to 14 days
judicial custody.
Chaudhary said that the CGST officers now use data analysis and network analysis tools to identify potential fraudsters.
"During
the financial year 2021-22, the CGST Thane Commissionerate detected GST
evasion of Rs 1,354 crore, recovered Rs 34 crore and arrested 7 tax
evaders. CGST Commissionerate Thane will continue its drive against tax
evaders in this financial year too," he said.
He added that the
Thane CGST Commissionerate has performed exceedingly well not only on
the anti-evasion front but also on the revenue front.
In the last
fiscal (2021-2022), it notched a revenue of Rs 5,121.16 crore as
compared to Rs 3,236.77 crore the previous financial year (2020-2021) -
an increase of Rs 1,884.39 crore in absolute terms and a 58.22 per cent
increase in comparison to the previous year.
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