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The Central Goods and Services Tax ( CGST ) of Meerut has caught a fraud of around ₹281 crores for claiming fake Input Tax Credit (ITC). The prima facie investigation by Meerut team has revealed the issuance of GST invoices of ₹1,708 crores from a fake company chain operation from Delhi, Moradabad and Meerut which involves the fake Input Tax Credit of about ₹281 crores. Data Analytics team passed the information, on the basis of which, CGST team of Meerut has unearthed a case of fake GST invoices without actual supply of goods and passing on the fraudulent ITC to the other existing fake companies.
Before passing the ITC to ultimate business buyers, ITC has been rotated multiple times among the non-existing firms and companies made it difficult to find the trail. Against these fake invoices, ITC was passed on to the existing companies for further utilization in the payment of GST. The end recipients from these fake firms made payment through Bank which was subsequently withdrawn and returned back to those end recipients in cash, after deduction of certain commission.
During the search conducted at Meerut, Moradabad and Delhi and incriminating records of cash of ₹9.56 lakhs, flex boards of several firms, rubber stamps of various firms/ companies, digital signature, Credit or Debit Cards with different names, photographs, Bank chequebooks, PAN cards etc. have been recovered & seized. Further investigations will reveal more information.