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Thane Central Central Goods and Services Tax (CGST) Commissionerate busted a fake GST Input Tax Credit racket worth Rs 12 crores and arrested one person on Friday.
The arrested accused allegedly indulged in fraudulent availed and utilised Input Tax Credit without receiving goods or services in violation of provisions of CGST Act 2017. As per the Commissionerate, the arrested accused is the proprietor of Star Scrap Steel. The firm is involved in the trading of Ferrous Waste and Scrap; remelting scraps ingots of iron or steel. "The firm was getting Input Tax Credit from many trading companies and was further passing it on to Rolling Mills. This was done by getting inadmissible Input Tax Credit on the basis of invoices issued by fraudulent entities without receipt and supply of goods," the CGST Commissionerate said in a press release. Searches were carried out at various premises of taxpayers located across Thane, Mumbai, Navi-Mumbai and Raigad, which were involved in issuing fake credit to Star Scrap Steel without actual supply of goods. The accused was arrested under the provision of CGST Act 2017 and produced before the Judicial First-Class Magistrate Court, Thane on December 3, 2021. The accused has been remanded to 14 days in judicial custody. Further investigation in the matter to identify others involved in tax fraud is underway. (ANI)
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