CGST Commissionerate arrested 2 person for availing Input Tax Credit of Rs.15.04 crores

The CGST Bhiwandi Commissionerate has arrested 2 persons for availing ITC fraudulently and causing loss to the government exchequer.

It is alleged that the arrested accused availed the Input Tax Credit (ITC) of Rs.15.04 crores on the basis of invoices issued by fake and non-existent suppliers without any underlying inward supply of goods.

Earlier this month, Arunachal Pradesh Police arrested two chartered accountants from Darbhanga for allegedly committing a Goods and Services Tax (GST) fraud worth approximately Rs.100 crore by creating a shell company. According to the police, the accused embezzled funds of Rs.99.31 crore by forming a shell firm called Siddhi Vinayak Trading in Arunachal Pradesh. They received Rs.99.31 crore in GST refunds in issuance for a bogus invoice of Rs.658 crore. The money was fraudulently withdrawn and embezzled by all of the accused.