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Thursday, November 14, 2024

One arrested for Rs 31 cr GST credit fraud

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Chennai: The GST and Central Excise Department, Chennai Outer Commissionerate have busted a racket of fake invoices and arrested the ‘mastermind’ yesterday for Rs 31 crore credit fraud.

An official release here today said the arrested person along with some others has taken GST registration in the name of many other persons. These fictitious entities issued tax invoices to various business entities without supplying any goods or services to facilitate, for a commission, fraudulent availment of Input Tax Credit under GST among themselves
and other beneficiaries.

In the process, GST credit fraud of Rs.30.98 crore of Input Tax Credit was fraudulently taken/availed by the arrested person along with his accomplices.

The GST department also identified the business entities who had availed fraudulent Input Tax Credit passed on by these entities.

Further investigation is in progress.

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