Punjab's Finance Crackdown: Exposing Rs 1,549 Crore Bogus Billing Scam

Punjab's taxation department has exposed a significant bogus billing scam involving transactions worth Rs 1,549 crore, finance minister Harpal Singh Cheema announced. The department successfully blocked fraudulent Input Tax Credit claims totaling Rs 108.79 crore.

Cheema detailed that the scam involved Rs 900 crore in fake gold transactions in Ludhiana, preventing ITC claims of Rs 21 crore. Furthermore, fraudulent invoices in coal transactions amounting to Rs 226 crore were detected, stopping ITC claims of Rs 12 crore.

Subsequent enforcement actions uncovered more fake transactions worth Rs 423 crore in Ludhiana and Mandi Gobindgarh, blocking further ITC worth Rs 75.79 crore. The crackdown resulted in arrests and multiple penalties against fraudulent entities. The minister criticized opposition parties for allegedly shielding tax evaders in the past.

(With inputs from agencies.)