GST biggest scam: Bogus companies get Rs.1709 crore from government on the basis of

- 23 Bogus companies will be able to create Rs. 7896 crore bills, get input tax credit: arrest of two.

New Delhi, Mar 5, 2020, Thursday

The country's largest racket of Input Tax Credit (ITC) was exposed by the government on the basis of bogus companies, without supplying any kind of goods. Two of those involved in the scam were arrested. These people created 23 bogus companies, made bills of Rs 7896 crore and took Rs 1709 from the government in the name of ICT. For a long time these people were scamming to withdraw money from the government. General Chat Chat Lounge Two arrests were made in the case.

Although many rackets have been exposed in the name of input tax credit in the past, this is the biggest scam in the country, "said an official. With this, the GST scam could be exposed. But such a massive scam was never caught. According to information provided by the Ministry of Finance, the entire scam was carried out in the name of 23 bogus companies. The accused was showing purchases in the companies' accounts when there was no actual purchase. They would then take advantage of the tax credits they received under the GST system.

In order to substantiate the input tax credit claim, banking transactions were also done so that no one would be suspicious. According to sources, this is the biggest scam after the implementation of GST. In the case of export, there were similar cases in which the scandals got input tax credit from the government besides exporting. These people were only showing export of goods on paper and taking input tax credit from the government by showing the purchase of raw material bogus. The scandal was also exposed.