Bhubaneswar, Feb 8 (IANS) The Directorate General of GST Intelligence (DGGI) of the Bhubaneswar Zonal Unit has arrested three persons for their alleged involvement in issuing fake invoices and fraudulently passing on Input Tax Credit (ITC) amounting to Rs 16.96 crore without actual supply of goods.
As per a press statement issued by DGGI on Friday, the prime accused was operating as the partner and proprietor of two firms.
The law enforcement agency found during the probe that the prime accused had issued many fraudulent invoices to various contractors.
It also noted that the prime accused also illicitly passed on fake ITC and earned commissions from the contractors on the invoice values.
The investigation revealed that the accused manipulated GST provisions to create a web of bogus transactions, causing a significant revenue loss to the government.
“The second accused, who worked as an accountant in the said firms, was responsible for handling financial records, generating fake sales invoices, e-way bills, and other documents under the owner’s instructions. He played a crucial role in the execution of the fraudulent scheme and received remuneration from the commission earned through fake ITC transactions,” DGGI said.
Meanwhile, the third accused, a sales executive, acted as the point of contact between the firms and contractors.
He would inquire about their invoice requirements, facilitate the issuance of fraudulent invoices, and collect commission payments in cash, which he later deposited into the proprietor’s bank account.
“The DGGI remains committed to taking strict action against tax evasion and fraudulent ITC claims. This arrest serves as a strong warning to businesses engaging in such malpractices,” the DGGI added.
It advised the taxpayers to comply with the provisions of the GST law and refrain from participating in illegal transactions to avoid strict penal consequences.
DGGI, a law enforcement agency of the Ministry of Finance, collects, analyses, and shares intelligence about GST evasion.
–IANS
gyan/khz
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
