GST intelligence wing arrests one person for creating fake firms, issuing bogus invoices
New Delhi: The Directorate General of GST Intelligence headquarters has arrested one person who had created about 90 fake firms for the purpose of issuing bogus invoices without the supply of goods.
The arrested was identified as Anupam Singla, a resident of Sirsa in Haryana. During the search conducted at his Delhi residence and offices, 110 debit and credit cards belonging to different persons, blank signed cheque books, blank cheque books pertaining to 173 different bank accounts, blank bilty books belonging to various transporters, identity proofs of different persons, number of mobile SIM cards, and other incriminating documents were recovered.
“The firms opened by Singla issued invoices worth Rs. 7,672 crore, including the circularly traded value, with a GST component of Rs 660 crore,” the finance ministry said in a statement.
The said firms have passed on fraudulent ITC to some of the well-established Traders and Cotton Yarn Spinners who have availed of the same to discharge their GST liability against their outward supplies, with an ulterior motive to defraud the Government Exchequer, the statement added.
During the investigations conducted so far into the fake billing racket in the cotton industry, the DGGI Headquarters has recovered an amount of Rs 32.60 crore towards the GST evaded. Further investigations in the matter are in progress.