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GST Fraud: Officers unearth fake invoicing racket involving Rs 38.5 crore tax evasion | Economy News

NEW DELHI: GST officials have uncovered a racket of 54 fake companies involved in a fake receipt of Rs 611 crore that included a tax deduction of Rs 38.5 crore, the finance ministry said on Thursday.

Officials of the Delhi South CGST Commissionerate conducted raids and inspections spread across Delhi, discovering a cartel operating 54 registered companies in the Delhi-NCR region operating in fake receipts and share business.

Attack documents such as rubber stamps and letter heads of many companies, cell phones, laptops etc. have been obtained from the search areas.

“Preliminary investigations conducted so far these deals have revealed false receipts of around Rs 611 crores and tax returns of over Rs 38.5 crores. Cartel members in their affidavits have received accolades they control these fake companies, ”the ministry said in a statement.

The three key figures in the cartel, Ankit Gupta, the mastermind of these fake companies and two of his co-workers Rabiendra Singh and Rajendra Singh, were arrested on March 23 and remanded in custody pending trial. 14 days.

In a separate statement, the company said that Central Goods and Tax Services (CGST) Commissioner, Faridabad, of Panchkula CGST Zone, on February 23 arrested two people for making a fake billing racket, including five dummy jobs, for the distribution of fake bills of over Rs 200 crore without the actual supply of goods and the discovery and collection of fraudulent Input Tax Credit (ITC) amounting to Rs 31.85 crore.

According to GST, issuing invoices or money without the provision of goods or services and unfair advantage or misuse of Input Tax Credit is a punishable offense and is not bail if the amount exceeds Rs 5 crore. Also Read: Gold Price Today, December 24: Russia-Ukraine war increases gold price to Rs 52,500; highest in 2022

“Both the owners of the companies said that they have gained and passed on the ITC fraud of Rs 31.85 crore, without providing real goods to international recipients and that they have received a total GST liability of Rs 31.85 crore while Preliminary study: Quantum numbers may increase in the future, ”the statement added.

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