Massive CGST Operation Uncovers Rs 260 Crore Fake ITC Syndicate
In a significant crackdown, CGST Ludhiana unearthed a syndicate using debt-ridden rolling mills to pass on fake Input Tax Credits, costing Rs 47 crore in GST revenue. Two individuals have been arrested as investigations continue to trace the full network of those involved.
- Country:
- India
The Central Goods & Services Tax Commissionerate in Ludhiana has conducted a significant bust on a syndicate involved in fraudulent activities within the iron and steel sector.
Targeting Mandi Gobindgarh and using intelligence reports, officials uncovered operations exploiting five firms to pass on fake Input Tax Credit (ITC).
The scam, involving debt-laden rolling mills serving as fronts, has resulted in a colossal Rs 260 crore in bogus billing, with a Rs 47 crore GST loss announced by authorities who remain committed to curbing such tax evasion.
(With inputs from agencies.)
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