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The officials of Bhiwandi Commissionerate of CGST Mumbai Zone have arrested the proprietor of Bswar Industries who was involved in availing and passing on of fake Input Tax Credit (ITC) of Rs 14.4 crore using bogus bills of Rs 73 crore.Acting on intelligence shared by the Central Intelligence Unit (CIU) of CGST Mumbai Zone, an investigation was initiated by Anti Evasion officers of the Bhiwandi Commissionerate.During the investigation, it came to notice that the firm was involved in availing and passing of fake ITC amounting to Rs 14.4 crore using bogus invoices of Rs 73.1 crore, stated the CGST release.This firm was found to be a sham as no business activity was being conducted at its declared business premises.The investigation revealed that the firm had fraudulently availed fake Input Tax Credit (ITC) of Rs 7.2 crores and subsequently passed this fake ITC of Rs 7.2 crore to various entities, without actual receipt or supply of goods.Accordingly, the proprietor of Bswar Industries was arrested on Tuesday under Section 69 of CGST Act, 2017 and she was produced before the Hon'ble Additional Chief Metropolitan Magistrate, Fort, Mumbai on the same day.The court has remanded the accused to 14 days of judicial custody. This operation is a part of efforts by CGST Mumbai Zone to eradicate fake ITC networks, which have been vitiating the healthy economic ecosystem of the country and defrauding the Government Exchequer.This is the eighth arrest made by CGST and CEx Bhiwandi Commissionerate in the last 8 months, added the CGST.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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National :Maharashtra: CGST officials bust fake input tax credit racket worth Rs 14 cr, one arrested

The officials of Bhiwandi Commissionerate of CGST Mumbai Zone have arrested the proprietor of Bswar Industries who was involved in availing and passing on of fake Input Tax Credit (ITC) of Rs 14.4 crore using bogus bills of Rs 73 crore. ...