GST officials have busted a fake invoice trading racket and arrested a person
GST officials have busted a fake invoice trading racket and arrested a person for passing on input tax credit (ITC) of over Rs 50 crore, a source said on Sunday.
The Directorate General of GST Intelligence (DGGI), Pune Zonal Unit, has arrested Tusshar Ashok Munoat who was into ‘trading of fake invoices’ and used to generate fake invoices on commission basis for ineligible ITC availment and pass it on to others fraudulently.
Total ITC involved is Rs 52.19 crore approximately, the source added.
Munoat owns M/s Rutu Enterprise and a few other companies such as M/s Reise Enterprises, M/s Namo Enterprises and M/s Patil Contractor, and used to trade fake invoices to earn commission benefit.
The Finance Ministry source also expressed dismay on those lobbying to oppose ‘arrest’ as an essential preventive measure in GST to curb unbridled dishonest activities by such unscrupulous elements and are challenging the provision of arrest in GST in various courts.
The source further said that the government has…