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One held by CGST Delhi officials for fraudulently passing on fake ITC of Rs 14.30 crore

In the ongoing campaign against fake/bogus invoices and resultant availment of inadmissible ITC, officers of Central Goods and Service Tax (CGST) Commissionerate, Delhi (East) have detected a case of issue of fake bills of Rs. 79.5 crore (approx). The syndicate was being operated by Sh. Nitin Jain, C.A by floating three firms i.e M/s Anshika Metals, M/s N.J Trading Co. and M/s A.J Enterprises using the identity of his family members, with the intent of passing of inadmissible ITC. Sh. Nitin Jain..

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Restricting use of ITC amount for discharging output tax liability in GST

The CBIC vide Notification No. 94/2020-Central Tax, dated December 22, 2020, introducing new Rule 86B in the Central Goods and Services Rules, 2017 ("CGST Rules") in following manner: • Introduced new Rule 86B, restricts the use of Input Tax Credit ("ITC") for discharging the output tax liability, applicable on the registered person whose value of taxable supply other than exempt supply and export, in a month exceeds fifty lakh rupees. • The taxpayer is not a..

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DGGI Gurugram arrests one for fraudulently availing input tax credit of Rs 8 crores

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Shri Sanjay Goel, resident of New Delhi on charges of illegally availing and passing on input tax credit (ITC)  on goods-less invoices. On the basis of the investigation conducted till date, that  Shri Sanjay Goel, through his proprietorship concern M/s Redamancy world, showed purchase of lead ingots from non existent concerns using  fraudulent invoices not backed by concomita..

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Changes in GST Rules relating to Registration, ITC and Returns

CBIC has issued Notification No 94/2020 - Central Tax Dated 22nd December, 2020 for amendment in CGST rules vide Central Goods and Services Tax (Fourteenth Amendment) Rules, 2020. These rules amend the provisions relating to - Grant of GST Registration Power to suspend or cancel GST Registration Manner and extent of utilization of Input Tax Credit GST Return Related E-Way Bills. The changes has been discussed below in lucid manner for better understanding: Changes in GST R..

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Rule 36(4) - Impact & Validity

Input Tax Credit (ITC) matching - GSTN- not ready- A thorny issue for the department and the assessees. It has been 3 years and 3 months since the inception of GST, one would expect the early teething problems were overcome, and the new radical indirect tax regime would be up and running! Although, due to various factors, including the recent pandemic, we are seeing continuous amendments, delays in implementation and lack of a dependable infrastructure. Rule 36(4), i.e. the ITC matching and clai..

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Analysis of ITC utilization in DRC-03 for GSTR 9 & 9C

We are at the fag end of filing the annual return and audit certification (GSTR 9 & 9C) For FY 2018-19 (courtesy of multiple extensions )i.e., on 31st December 2020. Taxpayers have an option to pay additional liability not declared in GSTR-1 or GSTR-3B, in GSTR-9 through Form DRC-03 based on para 4 of GSTR-9 instructions for FY 2017-20. This article enumerates utilization of ITC against GST liability for payment through DRC-03 during GSTR-9 filing which would be beneficial to many taxp..

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GST Officials Arrest Chartered Accountant for availing Fraudulent Input Tax Credit using Fake GST Invoice

Central Goods and Services Tax, Mumbai West, Investigation team has announced the arrest of Mr. Chandraprakash Pandey, Partner of M/s. C.P. Pandey & Associates. He was arrested on account of indulging in circular trading by way of issuing fake invoices, availing and passing on fraudulent Input Tax Credit (ITC) involving GST of Rs 10.63 Crores (approx.)  on turnover of Rs. 59.10 crores (approx.) On the basis of specific intelligence gathered by the GST Officials of Investigation Wing,..

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One arrested for fraudulently availing ITC of around Rs 45 crore

On the basis of intelligence received by Anti-Evasion branch of CGST Delhi South Commissionerate, the officers have booked a case against M/s. Sunflame Trading Pvt. Ltd., M/s Atlantic International Trading Pvt. Ltd., and M/s. Blue Star International Pvt. Ltd.,M/s Blue Evolution Private Limited and M/s White Mountain Trading Private Limited having their Principal Place of Business at G-56, Green Park, New Delhi-110016 for incorrectly availing ITC issued on the GSTIN of fake/ dummy firms and getti..

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Fictitious ITC transactions racket of Rs. 290.70 Crores busted by DGGI, Nagpur

Fictitious transactions racket of Rs. 290.70 Crore busted by DGGI, Nagpur Arrest of Director of M/s M & M Advisors & Consultants Private Limited at Mumbai Recovery of Input Tax Credit of Rs. 25.22 Crore in Cash As a follow-up of the detection of a non-existent Advertising Firm in Dhule which had availed and passed on fake ITC, searches were conducted at the premises of a Mumbai based Private Limited CompanyM/s M& M Advisors & Consultants Private Limited and at the reside..

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How is Input Tax Credit (ITC) utilized?

Input Tax Credit (hereinafter referred as ITC) is credit available to a person registered under GST on payment of Input Tax. This amount is available in his Electronic Credit Ledger which he can adjust against his output tax liability. Please note that in this article we are not concerned about Electronic Cash Ledger In this Article, we will understand the manner to utilize ITC available under various heads of GST. Section 49(5): Adjustment of ITC IGST/CGST/SGST/UTGST available in el..

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DGGI Rohtak arrests one more in Hisar for issuing fake invoices of Input Tax Credit

In pursuance of ongoing investigation of fraudulent passing of Input Tax Credit (ITC)wherein one person namely Sh. Satender Kumar Singla of Hisar was arrested on 12.11.2020,the Directorate General of GST Intelligence (DGGI), Regional Unit, Rohtak falling under Gurugram Zonal Unit has arrested one more person namely, Sh. Vikas Jain, of Jind on 23.11.2020. Sh. Vikas Jain was the proprietor of one of the firms and as a proprietor of a firm was found involved in  issuing fake invoices having ta..

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Proprietor of a trading firm arrested in a case of fake transactions of over Rs. 35 Crore and availment of ITC of Rs. 3.51 Crore on fake invoices

On the basis of specific information regarding availment of ITC on fake invoices, searches were conducted on 19.11.2020 by the officers of DGGI, Nagpur Zonal Unit at the premises of a Nagpur based trading firm dealing in Paint, Cement and Iron & Steel products. The searches revealed that the trading firm was non-existent and a Printing Press was operating from the declared premises whose owner was not aware of any entity by the name and style of the said trading firm. The Proprietor of th..

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