homeeconomy NewsIntelligence unit exposes fake GST bills business worth Rs 450 crore, says report

Intelligence unit exposes fake GST bills business worth Rs 450 crore, says report

Intelligence unit exposes fake GST bills business worth Rs 450 crore, says report
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By CNBC-TV18 May 22, 2018 9:38:46 AM IST (Published)

The group used fake bills to claim input tax credit that is estimated to be around Rs 450 crore.

The intelligence unit for the goods and services Tax (GST) has exposed a nexus among businesses that use fake bills to claim input tax credit, reported Financial Express.

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The group used fake bills to claim input tax credit that is estimated to be around Rs 450 crore, said the report.
While the provider of the fake bills is still absconding, the daily said that the authorities have started issuing summons to businesses that produced counterfeit bills.
The group conducted their fraud by purchasing invalid bills, enabling them to claim input tax credit on the fictitious supply.
“Based on a fake invoices of supplies worth Rs 118, say, of goods attracting 18% GST, a taxpayer can claim Rs 18 as ITC. It pays Rs 3-5 to the fake bill seller and pockets the rest,” a source was quoted as saying in the report.
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