Mumbai: Mumbai police bust a racket of Rs 35 Cr fake Input Tax Credit

Mumbai, Dec 8, 2008 : .The CGST Mumbai Central Commissariat has busted a scheme to generate fake Input Tax Credits (ITC) notes worth Rs.

35 crore and nabbed its kingpin, an official stated here WednesdayAccording to the CGST, the accused allegedly created fake ITCs and gave them to more than 15 companies around Mumbai.The accused, who was remanded in judicial custody for 14 day, was receiving the fake ITC and passing the information down the supply chain without any actual receipts or supplies of goods.

This latest case is part a series of cases that the CGST sleuths Mumbai have detected over the past three months, with many arrests.The CGSTs special campaigns have helped uncover more than 50 tax evader networks and confirmed tax evasion worth Rs 3,000 crore.

The official stated that Rs 400 crore has been recovered, and that the CGST has nabbed approximately 24 people as part of the special drive.The CGST will continue to cleanse the country by performing intensive data mining and data analysis.

It will also collect intelligence from different sources to identify those involved in tax evasion using fraudulent means.qn/dp #Mumbai #racket #Input #Credit #Mumbai .