Monday, May 16

Tag: bogus firms

Officials Bust 78 Bogus Firms with Estimated Fraud of INR 470 Crore
Corporate

Officials Bust 78 Bogus Firms with Estimated Fraud of INR 470 Crore

Highlights The raids on these companies were conducted on 11th August 2019 (Wednesday) by 1,200 officers in 337 locations across 27 cities.The potential fraud is estimated to be around INR 470 crore of input tax credit on an invoice of INR 3,500 crore.The exporters were exporting goods on payment of IGST almost completely out of the input tax credit claimed on the basis of fake supplies. The synergy of the Director General of GST Intelligence and the Director General of Revenue Intelligence have discovered dozens of fake companies and exporters who were illegitimately claiming Integrated Goods and Services Tax (IGST) from the government.  The raids on these companies were conducted on 11th August 2019 (Wednesday) by 1,200 officers in 337 locations across 27 cities. The potential ...