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Saturday, 26 December 2020

Bogus input tax credit racket busted in Panipat

Chandigarh, December 25

The anti-evasion team of the Central Goods and Services Tax (CGST), Panchkula, during a search in Panipat, busted a racket of fake firms worth Rs 105.36 crore to avail and utilise input tax credit (ITC) amounting to Rs 19.25 crore. The mastermind behind the fraud was arrested on Friday.

"Based on intelligence developed and investigation done by officials, a search was conducted relating to availment and utilising of fictitious, fake and fraudulent ITC passed on by bogus or fake firms in relation to trading of bitumen," said Rachna Singh, Joint Commissioner, CGST, Panchkula. — TNS



from The Tribune https://ift.tt/3o27Skc

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