Quick Summary
CGST Central Excise Raigad Commissionerate arrests two persons for fraudulently availing Input Tax Credit of Rs 9 crore through shell firms in New Panvel, Raigad, Mumbai Zone A team of officers of Anti-Evasion, CGST Central Excise Raigad Commissionerate, Mumbai Zone, yesterday arrested two persons involved in generating and fraudulently passing on Input tax Credit (ITC) of more than Rs. 9 crore by creating fictitious firms and issuing invoices without actual supply of goods/service. Acting
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The fraudulent Input Tax Credit (ITC) involved amounted to over Rs 9 crore.
Two individuals, Shri Mukesh Devnarayan Tiwari and Shri Sandeep Nanhelal Modanwal, were arrested.
The fraud was carried out by creating fictitious shell firms using forged documents to issue fake invoices and fraudulently pass on Input Tax Credit (ITC) without any actual supply of goods or services.
The Anti-Evasion team of the CGST & Central Excise Raigad Commissionerate, Mumbai Zone, busted the racket.
Both individuals were arrested under the CGST Act, 2017, and have been sent to judicial custody by the Judicial Magistrate First Class, Panvel.
No, further investigation is ongoing to identify other beneficiaries and operators involved in the fake invoice racket.
CAclubindia
