CGST Ludhiana unearths Rs 260 crore fake billing scam in iron, steel sector; 2 arrested
Mandi Gobindgarh
unearthing a syndicate involved in availing and passing on fake Input Tax Credit (ITC) in the
iron and steel sector
using five firms.
CGST Ludhiana
conducted multiple search operations at Mandi Gobindgarh, district Fatehgarh Sahib, Punjab.
During the search operations, the officers uncovered a modus operandi involving the acquisition of debt-ridden rolling mills, which were used as fronts by scamsters to avail and pass on fake ITC, thereby evading the scrutiny of GST enforcement agencies, an official statement said on Friday.
Following the search operations, two individuals who were operating and controlling these firms were arrested on July 24.
"As per the preliminary assessment, the quantum of bogus bills stands at a staggering Rs 260 crore, resulting in a GST loss of Rs 47 crore to the exchequer," it said.
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With the two arrests made so far, the investigation is ongoing to uncover the full extent of the network and identify other entities involved.
The statement said CGST Ludhiana Commissionerate reaffirms its commitment to detecting tax frauds and ensuring a level playing field for honest taxpayers.
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