GST Fraud: Director and Accountant Arrested for fraud of Rs. 1.92 Crores
Two directors and accountants of a private company were reportedly arrested on Tuesday in Raipur, Chhattisgarh, for allegedly passing bogus input tax credits (ITCs) worth Rs. 1.92 crore.
An official reported on Tuesday that the director and accountant of a private company were detained in Raipur, Chhattisgarh, for passing on a bogus Rs. 1.92 crore input tax credit (ITC) in order to avoid paying the Good and Services Tax (GST).
Officials from the CGST and Central Excise conducted a raid at Topisto Products Private Limited’s offices as a result of a tip, the official added.
According to him, the company created fictitious invoices and distributed fictitious ITCs without providing any products or services, engaging in widespread GST evasion.
According to the official, investigations have shown that the company’s director and accountant reportedly constructed fictitious companies, generated fake ITC totaling Rs 114.70 crore, and have already distributed Rs 1.92 crore.
According to him, the accused intended to continue passing fake ITCs totaling Rs. 112.78 crore.
According to the official, the two were detained in accordance with the relevant provisions of the Central Goods and Services Tax (CGST) Act of 2017.