Newsinc24 Team The officials of the CGST and Central Excise, Mumbai Central Commissionerate on Sunday made an arrest in an ongoing probe involving receipt and supply of ineligible Input Tax Credit amounting to 6.46 Crore rupees. The availment was made by M/s S.R. Enterprises against fake invoices issued by various Non-Existing, fake and fictitious firms without actual receipt of goods.
A press statement said, this quantum is likely to go up after further investigation. The investigation was carried out by acting upon specific intelligence developed locally and supported thoroughly by data based analysis.Investigation appears to show that this firm availed the ineligible Input Tax Credit against fake invoices, where no supplies from any suppliers have been physically received and passed on the same to other buyers. This fraudulent activity is causing a severe loss of revenue to exchequer.
This is the second arrest by CGST and Central Excise, Mumbai Central Commissionerate in last 2 days.The department has launched a drive against fake invoice racketeers who try to defraud government exchequer and lead to unhealthy competition with honest taxpayers. This is a step to highlight the department’s commitment and support to honest taxpayers.
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