Racket busted of Large number of non-operational Partnership firms falsely claiming refunds against accumulated ITC in Delhi NCR

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Racket busted of Large number of non-operational Partnership firms falsely claiming refunds against accumulated ITC in Delhi NCR

By PIB Delhi

A large numberof proprietorship / partnership firms registered with Gautam Buddha Nagar and other Commissionerates of Delhi NCR which were apparently connected and had claimed huge amount of refunds against accumulated Input Tax Credit (ITC) on account of inverted tax structure and Zero-rated supply of Goods were identified.  Searches were conducted on 13.3.2020 by officers of CGST GautamBudha Nagar along with other Commissionerates at various places declared as principal places of business and residential premises located in Delhi, Faridabad, Gurgaon, Noida and Greater Noida.

 During the search,none of the firms were found to beexisting/ operational at their declared premises. Furtherinvestigations revealed that two persons, apparently masterminds behind the racket, had obtained KYC documents from proprietors/ partners of these firms for a consideration.All the business activities were found to be only on paper without actual movement/ supply of goods which included manufactured/unmanufactured tobacco, yarn, woven fabric & cotton yarn, other made up clothing, etc. These firms had generated invoices for passing on Input Tax Credit ascertained to be Rs 1892 crore so far. Refund claims amounting to Rs 264 crore have been paid to these firms, out of whichRs.60 crore have been recovered so far. In addition, pending refund claims of approximately Rs 131 crorehave been withheld.

Residential premises of suspected masterminds were also searchedon 15.03.2020 and their statements recorded. Based on their confessional statements, they have been arrested on 16.03.2020 under Section 69 of CGST Act.

About Post Author

Suman Munshi

Founder Editor of IBG NEWS (15/Mar/2012- 09/Aug/2018). Recipient of Udar Akash Rokeya Shakhawat Hossain Award 2018. National Geographic & Canon Wild Clicks 2011 jury and public poll winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT,LIMS (USA & Australia), GxP(USA & UK),BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in the digital & IT industry with Global MNCs' worked & traveled in USA, UK, Europe, Singapore, Australia, Bangladesh & many other countries. Education and Training advance management and R&D Technology from India, USA, UK, Australia. Over 30 Certification from Global leaders in R&D and Education. Computer Science Teacher, IT & LIMS expert with a wide fan following in his community. General Secretary West Bengal State Committee of All Indian Reporter’s Association
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