Subscribe

0

  • Sign in with Email

By clicking the button, I accept the Terms of Use of the service and its Privacy Policy, as well as consent to the processing of personal data.

Don’t have an account? Signup

  • Bookmarks
  • My Profile
  • Log Out
  • NEWS
  • POLICIES
  • MSME OPPORTUNITIES
  • BANKING & FINANCE
  • TECHNOLOGY FOR SMES
  • SECTORS
  • GLOBAL
  • Investment
  • LEGAL
  • KNOWLEDGE QUEST
  • Future Ready Forum 2025
  • Ek Nayi Udaan
  • Future Ready Summit 2024
  • ADVERTISE WITH US
ad_close_btn
  • News
  • Policies
  • Banking & Finance
  • MSME Opportunities
  • Web Stories
  • InFocus
  • Technology For SMEs
  • Sectors
  • Global
  • Fashion

Powered by :

You have successfully subscribed the newsletter.
Finance InFocus

Rs 140 Cr of GST Fraud In Delhi Detected

The Central Board of Indirect Taxes and Customs (CBIC) in a release on Tuesday, said that the Central GST Delhi North Commissionerate has unearthed a racket "involving supply of goods-less invoices and invoice-less goods".

author-image
SMEStreet Edit Desk
27 Nov 2019 08:46 IST

Follow Us

New Update
GST

Central GST Delhi North Commissionerate has unearthed a tax racket and arrested one person for allegedly defrauding the government amounting to Rs 140 crore through fraudulent means.

The Central Board of Indirect Taxes and Customs (CBIC) in a release on Tuesday, said that the Central GST Delhi North Commissionerate has unearthed a racket "involving supply of goods-less invoices and invoice-less goods".

One person has been arrested in the connection and sent to judicial custody for 14 days. The accused was found to be operating 10 fake firms which were created for rotation of money and fraudulent Input Tax Credit (ITC), thus defrauding the exchequer.

''Prima facie fraudulent ITC of about Rs 140 crores has been passed on using invoices involving an amount of Rs 1,040 crores,'' the release further said.

CBIC further said that the modus operandi of the accused, inter alia, involved obtaining GST registration of fake firms using documents of unsuspecting individuals and generating good-less invoices and e-way bills of these firms from a premise in Tilak Bazar, Delhi.

On preliminary scrutiny it appears that there is no nexus between inward and outward supplies of the errant firms. Further, the said fake firms have passed on fraudulent ITC to a range of buyers who have availed the same to discharge their GST liability on outward supplies, thus defrauding the Exchequer.

Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news
logo

Related Articles
Read the Next Article
Latest Stories
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news

Latest Stories
Latest Stories
    Powered by


    Subscribe to our Newsletter!




    Powered by
    Select Language
    English

    Share this article

    If you liked this article share it with your friends.
    they will thank you later

    Facebook
    Twitter
    Whatsapp

    Copied!