DGGI Pune uncovers Rs 1,196 cr GST fraud involving multiple pvt firms

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DGGI Pune uncovers Rs 1,196 cr GST fraud involving multiple pvt firms - Business Standard

Quick Summary:

The investigation, involving searches at multiple locations in Pune, Delhi, Noida, and Muzaffarnagar, has revealed a sophisticated network of bogus companies engaged in fraudulent Input Tax Credit (ITC) transactions, FinMin said in a statement on Wednesday.

The Directorate General of GST Intelligence (DGGI), Pune Zonal Unit, has uncovered a GST fraud amounting to Rs 1,196 crore and has arrested one individual in connection with the case.

The accused had set up shell entities with no legitimate business operations, generating fake invoices and e-way bills to create a facade of genuine trade, it said.