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GST Fraud price over Rs 2,400 crore: Four arrested. Read more!!!

Yesterday, the government accused three people involved in Goods and Services Tax circumvention worth Rs2,352 crore in the Mumbai region, and one person in Vadodara who created 115 fake firms to dishonestly seize input tax credit of over Rs50 crore through bogus invoices, two officials said.

The official said that the government has so far filed 793 cases and identified 2,802 entities involved in asserting input tax credit on fraud invoices without actual distribution of goods and services. An official said, “Meanwhile, DGGI has sent the letter to Institute of Chartered Accountants of India (ICAI) to take obligatory action for professional misconduct against the three CAs who have been arrested in the GST fake invoice frauds from Ludhiana and Hyderabad.”

He added, “The businesses whose owners or promoters do not have commensurate income tax payment records will require physical and financial verification before their companies can be given GST registration.” “These activities have been carried out, primarily, by those unscrupulous elements which have exploited the ease of doing business conveniences in the existing system by getting a GST registration easily and quickly and later take advantage of the liberalized norm for grant of registration in GST.”



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