How fake GST rackets operate - YP Buzz news

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        Officials of the Directorate General of GST Intelligence, or DGGI, have arrested one person for operating the organization and issuing counterfeit invoices of Rs 4,521 million for the benefit of the Input Tax Credit (ITC) tax on goods and services. 

                                     

Fake GST

The GST department announced the arrest in a statement the day before, saying DGGI officials had arrested Kolkata in West Bengal after receiving a complaint in Delhi. He said an analysis of the statistical data showed that 636 companies were operated by the force and that the organisation's intellectual analyst had agreed to issue only invoices to these companies and did not deliver goods against them.


"Analysis of the Tally data has shown that there are 636 companies operated by this organization. The organizer of the organization has accepted that they have issued only invoices to these companies and do not issue goods. Rs. 4,521 crore has ITC affecting about 741 crore," the department said. of Finance in a statement on Friday, January 14th.


During the investigation, GST up to Rs. 4.52 million was deposited through the ITC deployment located in the ITC booth of these companies. Moreover, to date approx. Rs. The 7 million bedridden accounts of various companies have been suspended, the finance ministry said.


The mastermind of the racket, whose name has not been released, was arrested by GST police on January 13, Thursday, the government said in a statement. He said the matter was still being investigated.


The department said the case was opened by DGGI in fraudulent companies recently, which were found to be out of their core areas. "In order to trace the real people behind these fraudulent companies, it was confirmed that the address of the place where the GST restitution was lodged," he said.


"A search was conducted on 06.01.2022 in Delhi. During the search, the owner was found to be busy providing 'Cloud Storage' services to his servers to various clients to maintain their financial accounts," added the Treasury. in its press release.


The government has revealed that in a search of one of the suspicious servers, data from certain firms was obtained from statistical data. "The owner was informed that this statistical data was kept by a single party based in Kolkata. The contact details of these individuals were obtained from Proprietor and searched at various premises in Kolkata on 10.01.2022 (January 10, Monday)," the media report said.


During the search, a number of indictment documents were found, including cellphones, various checkbooks, stamps from various companies and SIM cards, the statement said. In the analysis of the electronics, documents, cell phones and email of these people, it was found that these people kept records server found in buildings in Delhi, in addition.


Every business that falls under the ambit of Goods and Service Tax (GST) must issue an invoice containing the valid GSTIN, showing the GST incorporation compiled by the business company. However, to avoid taxes, a few dishonest businessmen issued false GST invoices, which could be identified through various processes. The GST department has been monitoring and holding these businesses on a regular basis with the aim of promoting transparency.


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