Reetu | Feb 3, 2022 |

CGST Mumbai Busted Fake GST ITC Racket Worth Rs.10.68 Crore; One Businessman Arrested

Officers from the Navi Mumbai CGST Commissionerate of the Mumbai Zone discovered a fraudulent GST Input Tax Credit racket worth Rs.10.68 crores. Officers have arrested a businessman who is the Proprietor of M/s Navnit Steel on 2nd Feb 2022 in Mumbai, after receiving a tip from the Central Intelligence Unit, Mumbai CGST Zone. It was defrauding the government by claiming and passing Rs.10.68 crores in Input Tax Credit (ITC) through an intricate web of bogus invoices totaling Rs.60 crore; in clear violation of the CGST Act 2017.

Officers of CGST, Navi Mumbai have busted a racket which issued bogus invoices of Rs 60 cr and fake ITC of Rs 10.68 cr & arrested proprietor of M/s Navnit Steel on 02.02.22. He has been remanded to JC for 14 days by Judicial Magistrate.@FinMinIndia @mppchaudhary @cgstmumbaizone pic.twitter.com/CL6hmPbkYK
— CGST Navi Mumbai (Mumbai Zone) (@GSTnavimumbai) February 3, 2022

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Tags: CGST, Fake Invoice, FAKE ITC, GST, GST Fake Invoice, GST Fraud, Input tax credit, ITC, ITC Fraud, Studycafe

Author Bio

Name: Reetu

Designation: Content Manager

Company: Studycafe

Location: Delhi, India

Total Posts: 8127

Reetu is a Content Writer with 4+ years of experience in GST, Income Tax, Finance, Company Law, Education and Career Related Content. She is a B.COM (Honrs.) Graduate.

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