Fake Input Tax Credit racket busted in Mumbai
The Hindu
A father and son duo, proprietors of two separate firms M/s Shah Enterprises and M/s U.S. Enterprises located at Kandivali West, Mumbai, were arrested
A fake Input Tax Credit racket involving GST of ₹22 crores was busted by the office of Thane CGST Commissionerate of Mumbai zone.
Acting on a tip-off from the Central Intelligence Unit, Mumbai CGST Zone, a father and son duo, proprietors of two separate firms M/s Shah Enterprises and M/s U.S. Enterprises located at Kandivali West, Mumbai, were arrested.
Both the firms are registered with GST for trading in ferrous waste and scrap and were fraudulently availing themselves of ITC to the tune of ₹11.80 crores and ₹10.23 crores respectively without receiving goods or services, in violation of the provisions of CGST Act 2017. Both these firms were availing themselves of fake ITC from fake entities and passing them on to other entities of this network.
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