Ludhiana, Sept. 19 -- Acting on specific intelligence, officers of the Central Goods & Services Tax (CGST) Commissionerate, Ludhiana, conducted multiple search operations in the city on September 16 and unearthed a massive fake GST invoice racket worth Rs 455 crore.
Three related firms - Vasu Multimetals, SVM Multimetals Private Limited, and Ingottastic LLP -were found to be involved in availing bogus invoices and fraudulently utilizing ineligible Input Tax Credit (ITC) worth Rs 69.41 crore to offset their GST liabilities, thereby causing a significant loss to government revenue.
Published by HT Digital Content Services with permission from United News of India....