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GST officials bust fake input tax credit racket in Delhi

Central Goods and Service Tax, CGST Commissionerate, Delhi has busted a major racket for generating fraudulent input tax credit through fake billing of around one thousand 278 crore rupees. Finance Ministry said, the well established syndicate was being operated by floating seven different fake firms with the intent of passing of inadmissible credit to the tune of 137 crore rupees. 
Searches were conducted over more than nine places spread over different locations in the state of Delhi and Haryana to identify the taxpayers, who were defrauding the Government of its legitimate taxes. The modus operandi of the fraudulent taxpayers includes bogus invoices and bills creation, without actual movement of goods. All the e-way bills generated to transport the goods were fake. 
The mastermind of the entire racket Ashish Aggarwal has been arrested and has been remanded to the transit judicial custody. The accused of this fake billing racket has been absconding for more than 60 days. The Ministry said, so far the inadmissible input tax credit of more than seven crore rupees has been recovered and further investigations are underway to expose the other fictitious billing entities associated with this syndicate. The primary beneficiary firm of this bogus billing network was M/s Maya Impex, which has been registered in the name of Ashish Aggarwal's 66-year old mother through which fake ITC of Rs 77 crore has been passed on.

 
 

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