New Delhi: GST officers have explored the Credit Credit Fraud in the Input RS 34 Crore, involving seven companies, the Ministry of Finance said on Sunday.
Seven companies were created to produce a Bogus GST invoice, with the intention of continuing false input tax loans (ITC) without the actual displacement of goods and without paying goods and services (GST) to the government.
“Based on specific intelligence, anti-dependent branch officers from central goods and service tax (CGST) Komisarier, Delhi (East) have explored cases of availability / utilization and passing unacceptable input tax credits (ITC) through Bogus GST invoices without movement Actual items from RS 34 Crore (around), “said the ministry in a statement.
These entities have produced a fake GST invoice value of Rs 220 Crore (around) and passed ITC that cannot be accepted by RS.
34 Crore (around).
“Rishabh Jain is the mastermind behind running this racket to create a fake company and produce / sell the Bogus GST invoice,” the statement added.
Operandi mode involves making several companies with the intention of utilizing / utilizing and forwarding unacceptable loans.
The companies involved in this network are M / S Blue Ocean, M / S Highjack Marketing, M / S Kannhha Enterprises, M / S SS Traders, M / S Evernest Enterprises, M / S Viharsh Expporters Pvt Ltd.
Jain was arrested on November 13 and was handed over to court detainees with the judge’s metropolitan duty until November 26, 2021.