Authorities uncover an input tax credit scam of Rs 1,000 crore
The Meerut CGST Commissionerate detected a gang on Thursday that used a network of 232 fictitious entities to illegally claim Input Tax Credit totaling over Rs 1,000 crore. Three people were detained by the police in connection with the case.
According to an official release, a big syndicate that falsely claimed Input Tax Credit (ITC) via fictitious invoicing was the subject of an investigation launched in October 2023 by the anti-evasion section of the Meerut Commissionerate’s central goods and services tax (CGST).
According to the report, the investigation carried out so far has turned up a total of 232 phony companies, 91 of which are registered under a single cellphone number, are registered at different locations around the nation, and have amassed inadmissible ITC of almost Rs 1,048 crore. It said that the entire value of the commodities delivered via these companies comes to Rs 5,842 crore.
