January 17, 2022

Delhi govt’s GST department unearths Rs 347-cr ‘fake billing scam’

The government’s Goods and Services Tax (GST) department on Saturday unearthed a Rs 347-crore “fake billing scam” involving 11 firms and one person was arrested in connection with it, according to an official statement.

“The firms were engaged in circular trading and issuing fake bills to claim fraudulent input tax credit (ITC) to evade taxes,” the statement said.

The proprietor of “Super Steel India Ltd, Mayank Jain, believed to be one of the kingpins of the scam, has been arrested”, it said.

Jain has been remanded to 14 days judicial custody. More arrests may follow during the course of investigation, the statement said.

The enforcement officials from the State Department unearthed the Rs 347-crore “fake billing scam” spread across 11 firms, it said.

The firms were engaged…

Read full article here: www.business-standard.com