Chartered accountant held for ‘GST fraud’
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The Directorate General of GST Intelligence (DGGI), Visakhapatnam Zonal unit has busted a significant enter tax credit score (ITC) racket being operated by a 28-year-old Chartered Accountant primarily based at Guntur.
The CA was concerned in issuing pretend GST invoices to the tune of ₹30 crore, fraudulently utilizing 14 GST registered companies, to numerous infra firms situated in Andhra Pradesh and Telangana. He was getting fee from the recipient entities of such pretend invoices with out the data of the proprietors of these companies.
Various companies, largely created with fictitious addresses in and round Guntur, had been recognized and simultaneous searches carried out at a number of places in Andhra Pradesh. These searches revealed that the Chartered Accountant, the mastermind behind the creation of those companies, had handed on pretend credit score of ₹7.5 crore (approx.) to numerous infra firms within the two States.
The kingpin behind this racket had been situated after sustained area work and arrested on Saturday. ‘
Further Investigation is below manner.
Recently, the DGGI has intensified its efforts to curb ITC frauds which result in plenty of evasion of taxes. Since November, 11 circumstances had been booked following detection of 51 such dummy/non-existent GST registrations accountable for transactions to the tune of ₹440 crore involving obligation evasion of ₹38 crore. Three individuals have additionally been arrested in these circumstances.
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