Input Tax Credit used for Fraud
Two Kanpur Businessmen Arrested for Rs 60 crore GST Fraud
Lucknow: Two businessmen have been arrested from Kanpur for evading tax worth over Rs 60 crore.
A statement issued by the director general of the GST Intelligence, Lucknow unit, stated that searches were conducted at various locations in Kanpur of firms owned and managed by the accused, which resulted in detection of bogus billing under GST to pass on wrong Input Tax Credits (ITC).
It was also found that the accused were issuing bogus bills for supply of cement, bitumen, raw hides, plastic granules, BOPP films and metals without the supply of any goods or services. Such invoices were issued with the intention of passing the benefits of ITC to their clients.
In the last one year, the accused issued bogus invoices worth Rs 400 crore, which involved GST evasion of about Rs 60 crore. They also connived with transporters to get a bogus consignment date to show movement of goods on paper and created fake e-way bills. The duo payments through RTGS for the bogus supply of goods and returned the amount in cash after deducting their commission.
GST Council may consider abolishing the provision of Input tax Credit and lowering the rates of GST for the benefit of consumers. As it is the benefit availed by suppliers of goods and services is not passed on to end consumers. more
Lucknow: Two businessmen have been arrested from Kanpur for evading tax worth over Rs 60 crore.
A statement issued by the director general of the GST Intelligence, Lucknow unit, stated that searches were conducted at various locations in Kanpur of firms owned and managed by the accused, which resulted in detection of bogus billing under GST to pass on wrong Input Tax Credits (ITC).
It was also found that the accused were issuing bogus bills for supply of cement, bitumen, raw hides, plastic granules, BOPP films and metals without the supply of any goods or services. Such invoices were issued with the intention of passing the benefits of ITC to their clients.
In the last one year, the accused issued bogus invoices worth Rs 400 crore, which involved GST evasion of about Rs 60 crore. They also connived with transporters to get a bogus consignment date to show movement of goods on paper and created fake e-way bills. The duo payments through RTGS for the bogus supply of goods and returned the amount in cash after deducting their commission.
GST Council may consider abolishing the provision of Input tax Credit and lowering the rates of GST for the benefit of consumers. As it is the benefit availed by suppliers of goods and services is not passed on to end consumers. more
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Oct 31
Anyone and all who have taken the input tax credit based on these fruadulent tax invoices will also be affected and dealt with. Get Outlook for iOS ________________________________ From: MOHIT PANDE Sent: Friday, July 6, 2018 12:46:31 PM To: alliancecorp@hotmail.com Subject: "Input Tax Credit used for..." more
Jul 09
Mr Mohit Pande has absolutely no idea how the GST system works. In pre-GST days it was easy to cheat. These fraudsters will find it extremely difficult to avoid detection since they leave a trail in their transactions. Action against a few fraudsters like this will put fear of god into others and the malpractices will come down. Mr Pande thinks that by abolishing input tax credit prices will come down! Ignorance is bliss. more
Jul 07
