GST officers have arrested one individual on prices of fraudulently availing Rs 52 crore enter tax credit score by issuing faux invoices and evading taxes, the finance ministry mentioned on Wednesday.
The Gurugram zonal unit of the Directorate General of GST Intelligence (DGGI) had inputs that AKS Electrical and Elecronics Ltd, registered and positioned at Ghaziabad in Uttar Pradesh, was engaged in “availment and issuance of fake/bogus ITC without the underlying supply of goods”.
It was additional noticed that that they had made large purchases in a selected 12 months from Abhishek Industries in opposition to which an investigation with regard to availment of ineligible ITC from varied non-existent entities has already been undertaken by this workplace.
Based on the verifications, evidences and statements recorded, it appeared that AKS Electrical and Electronics Ltd was concerned in availment of inadmissible Input Tax Credit (ITC) on the power of goods-less invoices acquired from varied corporations, together with Abhishek Industries, with out precise provide of products.
The quantum of such inadmissible ITC prima facie availed by AKS Electrical and Electronics Ltd seems to be of greater than Rs 52 crore, the ministry mentioned, including one individual has been arrested.
“Director of AKS Electrical and Electronics Ltd was arrested on July 6, 2022, for whom a judicial remand of 14 days was granted,” it added.
Source: www.financialexpress.com”