New Delhi, Oct 29 (UNI) Officials of the Central Goods and Service Tax (CGST) have busted a racket for generating fraudulent input tax credit through fake billing of around Rs 1,278 crore, the Ministry of Finance said here on Thursday.
'Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST), Commissionerate, Delhi (East) have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of around Rs 1,278 crore,' the Ministry of Finance said in a statement here.
The well-established syndicate was being operated by floating seven different fake firms, with the intent of passing of inadmissible credit to the tune of around Rs 137 crore, the statement said.