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A father-son duo has been arrested by the Central Goods and Services Tax department in reference to what’s being referred to as as a Rs 22-crore fake enter tax credit score (ITC) racket.
The duo are proprietors of M/s Shah Enterprises and M/s U S Enterprises, that are engaged in buying and selling ferrous waste and scrap, in line with an official assertion on Tuesday night.
Acting on a tip-off from the Central Intelligence Unit of the Mumbai CGST Zone, officers from the Thane CGST Commissionerate arrested the duo whose names weren’t shared from suburban Kandivali on an unspecified date.
Both the companies have been discovered to be availing fake ITC from fake entities and passing on the identical to different entities of this vicious community, as per the assertion.
The assertion mentioned each the businesses are registered with GST and have been discovered to be indulging in fraudulent availment and passing of ITC to the tune of Rs 11.80 crore and Rs 10.23 crore, respectively, with out receiving the products or companies.
After the arrest, they have been produced earlier than an area court docket which remanded them to a 14-day judicial custody.
The assertion mentioned the arrests are half of a large-scale operation to stamp out the fake ITC community which had been inflicting unhealthy competitors and likewise defrauding the federal government, and warned that the department goes to accentuate the identical.
(Only the headline and film of this report could have been reworked by the Business Standard workers; the remainder of the content material is auto-generated from a syndicated feed.)
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