The GST and Central Excise Department, Chennai Outer on Wednesday stated it has arrested a 56-year passe person from the Kodungaiyur region of Chennai for committing a GST credit fraud of ₹107 crore.
The arrest became made after conducting detailed investigation and conducting searches to bewitch proof.
In step with a press launch issued by the Important Commissioner GST and Central Excise, Chennai Outer, the arrested person alongside with some others had registered in the name of alternative individuals on non-existent addresses, the usage of doctored paperwork.
“The cause of floating such fictitious companies is to commit GST credit frauds. These fictitious companies issued tax invoices to diverse replace entities with out supplying any goods or products and companies to facilitate, for a fee, fallacious availment of GST credit by these replace entities,” the launch stated.
The department stated GST credit fraud of ₹107 crore on invoice cost of ₹740 crore became dedicated by the arrested person alongside with his accomplices.
The department, which is on the lookout for the accomplices, stated it has identified the total replace entities who had availed fallacious GST credit handed on by the companies floated by the arrested person, and these companies which had in flip handed on fallacious credit to the companies floated by the arrested person and his accomplices.