Fraudulent availment of ITC by fraudsters on rise
Cases pertaining to fraudulent availment of input tax credit (ITC) by big-time fraudsters by using PAN, AADHAR and Bank Account of economically under privileged persons is rise in Raigad district of Maharashtra.
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Mumbai, Mar 20 Cases pertaining to fraudulent availment of input tax credit (ITC) by big time fraudsters by using PAN, AADHAR and Bank Account of economically under privileged persons is rise in Raigad district of Maharashtra.
In this way, they are evading the due taxes and thus giving a jolt to the revenue earning of the department.
Mansur Beg Ahmad Beg Mogal, proprietor of M/s Sunrise Traders, falling under the jurisdiction of CGST & C Excise Raigad Commissionerate is involved in the availment of fake ITC amounting to Rs 5.88 crore on the basis of fake invoices without actual receipt of goods.
The total taxable value of the goods shown to have been supplied is Rs 30,97,71,936. Mansur Beg Ahmad Beg Mogal was arrested on March 18 by the sleuths of the department and remanded for 14 days' judicial custody. CGST & C. The department has initiated an investigation against the firm for fraudulent availment of ITC of Rs 5.88 crores.
Sunrise Traders and their suppliers are mere paper entities and no business operations are carried out from the declared premises. In a similar case involving ITC of Rs 19.2 crores a person was earlier arrested on March 2.
Talking to Bizz Buzz, Manpreet Arora, Commissioner, CGST and Central Excise, Raigad, said that there is rise in fraudulent availment of ITC by big time fraudsters by using PAN, AADHAR and Bank Account of economically under privileged persons. These people let fraudsters use their documents for small financial gains. These practises need to be curbed and there need to be strong penal action against them along with master minds to deter them and others from committing such mistakes which are harming our economy greatly.
