The Central Goods and Services Tax (CGST) authorities in Navi Mumbai have busted a fake Input Tax Credit (ITC) racket of Rs 10.26 crore and arrested a trader, an official said on Wednesday.
The CGST officials arrested the owner of Al-Marwah Traders on Tuesday for allegedly availing, utilising and passing on fraudulent ITC on bogus invoices of over Rs 60 crore, the official said.
A team of officers from the anti-evasion unit conducted an inquiry against the firm, which was involved in trading scrap of ferrous, aluminium, copper and other metals, he said.
A probe revealed that the accused had availed and passed on fake ITC from various bogus firms, the official said.
The accused has been arrested under the Central Goods and Services Act, 2017 and has been remanded to judicial custody for 14 days, he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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