Quick Summary
Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (West) have unearthed a case of availment/utilization and passing on of inadmissible input tax credit (ITC) through goods less invoices of Rs 9 crore (approx). The operation involved floating of multiple firms with the intent to avail/utilize passing on of inadmissible credit. The primary beneficiary firms in this network are M/s Ishita Ispat and M/s H. M.
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FAQ :
Naveen Bansal was arrested by the officers of the Anti Evasion branch of CGST Commissionerate, Delhi (West).
The fraud involved the availment, utilisation, and passing on of inadmissible Input Tax Credit (ITC) amounting to approximately Rs 9 crore, primarily through 'goods less invoices'.
The primary beneficiary firms were M/s Ishita Ispat and M/s H. M. Trading Company, both of which Naveen Bansal is the proprietor and de facto operator for two other associated firms.
The Input Tax Credit (ITC) fraud is valued at around Rs 9 crore.
Naveen Bansal was arrested on 26.03.2021 under Section 132 of the CGST Act and remanded to judicial custody for 14 days.
Yes, further investigations into the matter are currently in progress.
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