Monday, August 15

Tag: GST Fraud

GST Invoice Frauds: Over 1.63 lakh GST registrations cancelled
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GST Invoice Frauds: Over 1.63 lakh GST registrations cancelled

The Ministry of Finance have cancelled over 1.63 lakh registrations during the month of October and November for not filing GST returns for the last six months. The assessees were allegedly running fake firms. Nationwide Drive The Directorate General of GST Intelligence (DGGI) and CGST Commissionerate’s have conducted a nationwide drive in the month of November against GST fake invoice frauds, & have arrested 132 persons including four chartered accountants and a woman for availing themselves of or passing on ineligible ITC fraudulently and have booked 1,430 cases against more than 4,586 fake GSTIN entities identified across the country. Sources from Tax Department said one chartered accountant Akshay Jain, was arrested from Visakhapatnam for issuing fake ITC to the tune of ₹...
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Karnataka Men Arrested for First GST Fraud in the State

For the first time, a Criminal case has been registered under Goods & Services Tax(GST) in Karnataka. Two men from Bengaluru have allegedly committed fraud by raising fake invoices without paying any GST. Two businessmen named Hameed Rizwan Parthipady Ismail, proprietor of ARS Enterprises in Mathikere, dealing in ferrous and non-ferrous scrap and Jeetendra Kantilal Gandhi who owns Ganndhi Iron & Steel company in Kalasipalyam are the accused who used fake invoices to collect 8.16 Crore in the form of Input Tax Credit(ITC). Input Tax Credit is the credit manufacturer’s receive for paying input taxes towards inputs used in the manufacture of products. During the investigation, it was found that the accused had availed ITC without selling any goods or services to anyone and without a...