Follow Us :

F.No.DGGI/INV/GST/2045/2020   Dt. 05.12.2020

PRESS NOTE

Visakhapatnam GST Intelligence arrests CA for major GST fraud

Directorate General of GST Intelligence (DGGI) Visakhapatnam Zonal unit has busted a major fake input tax credit (ITC) racket being operated by a 28 year-old Chartered Accountant based at Guntur. The CA was involved in issuing fake GST invoices to the tune of around Rs. 30 crores fraudulently using 14 GST registered firms to various infra firms located in Andhra Pradesh and Telangana, etc., and in turn getting commission from the recipient entities of such fake invoices without the knowledge of the proprietors of those business entities. Various firms, mostly created with fictitious addresses in and around Guntur were identified and simultaneous searches carried out at various locations in Andhra Pradesh. These searches have revealed that the Chartered Accountant, the mastermind behind the creation of these firms, had passed on fake credit of Rs. 7.5 crores (approx.) to various infra companies in Andhra Pradesh and Telangana.Visakhapatnam GST Intelligence arrests CA for major GST fraud

The kingpin behind this racket was located after sustained field work and arrested today. Further Investigation is underway.

Recently, DGGI has intensified its efforts on curbing fake ITC rackets which leads to a lot of evasion of taxes. Since November this year alone, 11 Cases were booked involving detection of 51 such dummy/non-existent GST registrations. These detections involved fake transactions to the tune of Rs.440 crores involving duty evasion of Rs.38 crores. Three persons have also been arrested in these cases.

Source- Social Media and Unconfirmed.

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

9 Comments

  1. Sree says:

    Fraud thinkings or un lawful acts mainly done by fradulenters by taking ideas from chartered accountants and other leaded professionals. Pl take care

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Post by Date
March 2024
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031