Tax authorities bust fake invoicing racket of Rs 685 crore

 The Economic Times, 

Central Goods and Services Tax (CGST) Delhi South Commissionerate busted a syndicate of firms involved in availing invoices or e-way bills of over Rs 685 crore of dummy rms and getting refund of integrated GST of over Rs 35 crore. The fake firms were found through specic intelligence and data mining and analysis on GSTN and e-way bill portals, the nance ministry said in a statement Thursday. A case has been booked against Baan Ganga Impex based out of Ganga Tower, Mahipalpur, Delhi. “From preliminary scrutiny of the seized documents, the data/information available on E-way Portal/GSTN portal, it is found that Baan Ganga Impex, New Delhi has availed invoices from non-existing 48 entities creating a web of suppliers among themselves and passing on ITC to each other,” the ministry said. The credit from all the suppliers is passed on to the company which in turn avails refund on the strength of export of goods procured from the unregistered suppliers. The nexus has used fabricated vehicle numbers to generate e-way bills which were found to be of two wheelers, buses, JCB, private cars and ambulances, etc. “In total M/s Baan Ganga Impex has availed the invoices from the fake entities amounting to Rs. 685 crore (approx.) involving GST of Rs. 50 crore (approx.) and succeeded to get refund of Rs. 35 crores (approx),” the ministry added. Rakesh Sharma, a partner of Baan Ganga Impex being the main beneciary of the said nexus and dealing with all operational activities of the rm, was arrested on November 9, 2020 and was produced before the Metropolitan Magistrate, Saket Courts after the medical examination and COVID test. Sharma has been sent to judicial custody for 14 days by the Metropolitan Magistrate.

Link-https://economictimes.indiatimes.com/news/politics-and-nation/tax-authorities-bust-fake-invoicing-racket-of-rs-685-crore/articleshow/79187106.cms

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