Quick Summary
In a significant crackdown on GST fraud, the Central GST Itanagar Commissionerate has exposed a massive fake invoice racket involving Rs 658.55 crore in fraudulent transactions without any actual supply of goods. The investigation has revealed the misuse of the Input Tax Credit (ITC) mechanism, causing a loss of nearly Rs 99.30 crore to the government exchequer. Bogus Firm and Fraudulent ITC Claims The key player in the racket was identified as M/s Siddhi Vinayak Trade Merchants, a firm regist
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FAQ :
The fake invoice racket uncovered involves transactions worth Rs 658.55 crore.
The government has incurred a loss of nearly Rs 99.30 crore due to the fraudulent use of Input Tax Credit (ITC).
M/s Siddhi Vinayak Trade Merchants, a firm registered in Arunachal Pradesh, was identified as the key player.
The masterminds, Ashutosh Kumar Jha and Bipin Kumar Jha, were arrested in Darbhanga, Bihar.
During the search operation in Kolkata, officials seized mobile phones, iPads, PAN/Aadhaar cards, rent agreements, and forged KYC documents.
Yes, this operation is part of a nationwide drive by the Central Board of Indirect Taxes and Customs (CBIC) to curb fake GST registrations and bogus invoice issuance.
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