News Update

CBIC notifies Passenger name record information regulations 2022Govt not mulling over 8th Pay Commission: MoSNASA finds Super-earth but no life thus far; 4 times the mass of earth takes only 10.8 days to complete a yearST - Once it is accepted that the software put in CD is 'goods', then there cannot be any separate service element in the transaction: SCGST - Implementing DIN for all communications sent by State Tax Officers may bring in transparency and accountability in indirect tax administration - Council to issue advisory: SCGovt allows export of wheat and flour but subject to IMC approvalMonsoon Session of Parliament comes to abrupt end today - 4 days ahead of scheduled timeIndia has 17.96 lakh women-owned MSMEs out of 99.59 lakh: MoSNo dependence on one country; Oil PSUs sourcing from multiple zones: MoSOil & Gas PSUs have set up Hydrogen Corpus Fund to fund R&D: MinisterTri-Ratna of governance - Out of box thinking, breaking taboos & converting Govt drive into Mass Campaign: MoSACC appoints Suresh Kr Batra as JM of CATACC appoints 8 retired HC Judges as JM of CATRumours making rounds about possible ban on Chinese phones priced below Rs 12KCWG: PV Sindhu bags gold; PM calls her ‘Champion of Champions’Success of 5G auction is confidence vote of Industry in policies: MoSSanjay Raut sent to 14 days judicial custodyHK reports 105% jump in crypto-related grifting casesGST - The Court in exercise of its writ jurisdiction, would be disinclined to set aside, much less to stay SCN, more particularly when impugned SCN are adjudication bound: HCStart-Up Certification - Time to brood over!Fake Invoicing under GST - A clarity search
 
DGGI busts Rs 4500 Cr fake ITC network

By TIOL News Service

NEW DELHI, JAN 14, 2022: RECENTLY a case was booked by DGGI against some fake firms, which were found non existing at their principal place of business. To trace the real persons behind these fake firms, the physical address from where GST returns were actually filed was ascertained. Then search was conducted on 06.01.2022 at that premises in Delhi. During search, it was found that proprietor is engaged in providing services of ‘Cloud Storage' on his servers to various customers for maintaining their financial accounts.

On scrutiny of one of the suspicious server, details of certain firms were found in tally data. It was informed by the proprietor that this tally data is being maintained by one syndicate based in Kolkata. The address details of these persons were obtained from Proprietor and then searches were conducted at various premises in Kolkata on 10.01.2022.

During search huge amount of incriminating documents including mobiles phones, various cheque books, stamps of various firms and SIM cards have been recovered. On analysis of electronic devices, documents, mobiles and e-mail of these persons, it has been found that these persons are remotely maintaining data on the server found at the premises in Delhi.

Scrutiny of Tally data has shown that there are 636 firms being operated by this syndicate. The mastermind of syndicate has accepted that they have issued only invoices in these firms and not supplied any goods against them. They have issued invoices involving taxable value of approx. Rs. 4,521 crore  having ITC implication of approx. 741 crore.

During the course of investigation, GST amounting to Rs. 4.52 crore has been got deposited by reversal of ITC available in the ITC ledger of these firms. Further, till now approx. Rs. 7 crore lying in various bank accounts of these firms has been frozen. The mastermind behind the whole racket has been arrested on 13.01.2022.


POST YOUR COMMENTS