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Exporters used fake invoices worth Rs 3,500 to claim ITC
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SME Times News Bureau | 12 Sep, 2019
In the biggest ever pan-India
joint operation against fraudulent claims of IGST refunds, the
Directorate General of GST Intelligence (DGGI) and the Directorate
General of Revenue Intelligence (DRI) have busted a major racket of fake
invoices worth Rs 3,500 crore involving exporters.
Using fake
invoices, the exporters are estimated to have claimed input tax credit
(ITC) of more than Rs 470 crore which was further utilised. The agencies
have intercepted live export consignments of many exporters at the
Vadodara Rail Container Terminal, Mundra port and Nhava Sheva port for
examination in order to ascertain mis-declaration.
The two agencies carried out search operations at 336 different locations across the country.
The
operations covered entities in over a dozen states, including Gujarat,
Maharashtra, Delhi, Haryana, Uttar Pradesh, West Bengal and Karnataka.
The
case involves a large number of exporters sending out goods on payment
of integrated GST (IGST) almost entirely out of the ITC availed on the
basis of fake invoices.
"The joint operation of the two premier
intelligence agencies of Central Board of Indirect Taxes and Customs
(CBIC) was a first of its kind in the history of CBIC, which involved
about 1,200 officers from both the agencies," a Finance Ministry
statement said.
The search operations were carried out based on
the data analytics and intelligence gathering by the DGGI and DRI, two
premier agencies specialising in economic offences.
"It was also
noticed that there was no or negligible payment of tax through cash by
the exporters as well as their suppliers. In few cases, even the tax
paid through ITC was more than the ITC availed by these firms. On the
basis of this intelligence, massive searches were conducted on the
premises of exporters and their suppliers," the statement said.
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