India, Aug. 4 -- The Government of India issued the following news release:
The Anti-Evasion Branch of CGST Delhi South Commissionerate has unearthed a large-scale fraudulently availed Input Tax Credit (ITC) racket involving a Naraina-based taxpayer engaged in trading of iron and steel items. The case involves fraudulent availment and passing on of ITC totaling rs 47.12 crore, based on bogus invoices against a taxable value of approximately rs 261 crore, without any actual supply of goods.
Acting on specific intelligence developed by the Anti-Evasion wing, an investigation was initiated into a suspicious supply chain. The inquiry revealed that the firm had fraudulently availed and passed on ITC without any actual movement of goods. Furthe...