Quick Summary
The Chennai Outer Commissionerate of GST and Central Excise department has claimed busting of a fake invoice racket by arresting a suspect on charges of cheating to the tune of Rs 31 crore. The GST CE office had withheld the identity of the accused but said that he with the help of few others obtained GST registration for a web of non-existent companies. Tax invoices were issued among these companies without supplying any actual goods or offering services for want of input tax credit. GS
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FAQ :
The Chennai Outer Commissionerate of GST and Central Excise has announced the busting of a fake invoice racket involving Rs 31 crore.
The fake invoice racket involved an amount of Rs 31 crore.
A suspect has been arrested by the GST department in connection with the racket.
The racket involved obtaining GST registration for non-existent companies, which then issued fake tax invoices to claim input tax credit without supplying any goods or services.
The fake invoices were issued to fraudulently claim input tax credit.
No, further investigation is ongoing.
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