Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

GST Evasion: GST Delhi West Commissionerate busts Major Racket of Fake invoicing worth 1200 crores

The officers of Anti Evasion wing of Central Tax, Delhi West Commissionerate has busted a major racket of fake invoicing of 1200 crores involving fraudulent Input Tax Credit (ITC) of Rs 124 crores, using a network of 49 shell companies, with the arrest of one Daya Shenker Kushwaha.

The Department, Delhi West Commissionerate said that the accused was found to have fraudulently obtained two different PAN cards using photographs that were photoshopped and created 14 firms. The remaining 35 firms were created through identity theft by using KYC documents of poor individuals.

In all, the accused had created 297 firms some of which were used for banking transactions and others were just parked on the shelf for use later. Initial investigations have led to a discovery of over 60 bank accounts until now, which were being used for circular transactions to make them appear genuine. Fake invoicing were issued to buyers, who availed the fraudulent input tax credit without actually receiving any goods.

Sh. Daya Shankar Kushwaha also admitted to investigators that no actual movement of goods took place against the invoices, which has been corroborated through data mining on the NIC’s e-waybill portal.

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