Man Arrested in Gujarat for Rs 177 Crore GST Fraud
Team Udayavani, Jan 27, 2019, 5:43 AM IST
Ahmedabad: A man has been arrested for allegedly issuing fake invoices to claim Rs 177.64-crore input tax credit, the Central GST department said on Saturday.
The man, identified as Ehsas Ali Saiyad, a resident of Vadodara, was the mastermind of a scam involving issuing of fake invoices, said the office of the Central GST and Central Excise Commissionerate in a release in Gandhinagar.
The 29-year-old allegedly floated 66 fake companies with as many dummy owners in whose name he issued tax invoices to claim input tax credit (ITC), it said.
The accused obtained GST registration, GST identity cards, login-password, SIM cards, bank accounts and online passwords in the name of these dummy owners, said the commissionerate.
“The accused would issue fake bills in the name of the entities created by him. He issued tax invoice of taxable value of Rs 1,210 crore to claim input tax credit of Rs 177.64 crore,” it said.
He was arrested under provisions of the CGST Act and further investigation was on, said the release. Under Goods and Services Tax, input credit is the tax benefit manufacturers get for the GST they pay on purchase of goods. Unscrupulous elements use fake bills to claim higher ITC.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Epigamia founder Rohan Mirchandani dies of cardiac arrest at age 42
Lohia Auto launches EV brand ‘Youdha’, aims to sell 3 lakh vehicles by 2027
“FM ji FM ji, itna tax main kaise bharun”, asks investor Vijay Kedia in viral post
RBI: After another status quo year, all eyes on a growth-propping rate cut with new Guv at helm
Front-running case: Sebi bans 9 entities from market , impounds illegal gains of over Rs 21 crore
MUST WATCH
Latest Additions
Teachings of Lord Christ celebrate love, harmony: PM Modi at Christmas celebrations
Veteran filmmaker Shyam Benegal passes away
Passenger gets back misplaced bag containing valuables worth Rs 20 lakh at Mangaluru airport
Police ‘killed’ Dalit man, alleges Rahul in Parbhani; CM Fadnavis says visit politically motivated
Karnataka govt approves 9 industrial projects worth Rs 9,823 Cr
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.