LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

DGGI detects GST fraud, says could be 'tip of iceberg'

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Mon, Oct 29, 2018
12:00 am
PTI
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

The Directorate General of GST Intelligence's (DGGI's) Pune zonal unit has unearthed a Rs 80 crore "fraud" which is suspected to have been perpetuated through procurement of "bogus invoices" from markets and arrested one person from Mumbai.

Modsingh Padamsingh Sodha was arrested Friday and found to be operating over 10 dummy companies that had issued fraudulent invoices worth Rs 415 crores, the DGGI Pune zonal unit said in a release here Sunday.

The officials suspect that the bogus invoices might have been utilised to get enhanced credit limits from banks, "thereby laying foundation of a future banking fraud".

"No goods were supplied and all transactions were on paper. GST fraud of around Rs 80 crore has been detected in this case, which was paid through set-off of fraudulently availed Input Tax Credit on the basis of invoices procured through market without receipt of goods," it stated.

It said GST of Rs 2.18 crore was recovered from these dummy companies in the first round of searches.

"Investigation is going on and it has been found that this is just a tip of the iceberg," it claimed.

The accused was produced before a court in Pune which remanded him in judicial custody of 14 days.

The investigation was carried out by the Pune Zone DGGI officers based on the specific information that certain persons had taken GST registration and were issuing bogus invoices for passing fraudulent Input Tax Credit (ITC).

"After analysing a large amount of data, some key players of this racket were identified and simultaneous raids were conducted in Mumbai and Pune by the officers," stated the release.

A large number of similar entities involved in this fraud have been identified which indicate that it is a much bigger racket and its threads are spread all over India, it said.

The amount of fraudulent ITC detected in this case has reached the figure of over Rs 220 crores and is likely to further go up, it said.

"The value of supplies as per the bogus invoices detected till date is around Rs 900 crore, which indicates the extent of bogus transactions, which appear to have been also done for inflating turnover of companies/firms which may have been utilised to get enhanced credit limits from banks, thereby laying foundation of a future banking fraud," the office said in its note.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

ITC Share Price: Experts give 'share to buy' tag; predicts up to 25% profit in three months

EaseMyTrip IPO Review: Issue opens on Monday! 'SUBSCRIBE' say experts; check details like important dates, price band, lot size, many more

Gold Price Outlook – Gold, Silver prices may see further fall next week; expert tells what to do to maximise gains

PPF Calculator: You can double Public Provident Fund income and save income tax outgo - you will need this help

Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty support range, says investors should trade keeping volatility in mind

Delhi to have its own school education board; Arvind Kejriwal says focus will be on providing jobs, proposes this unique exam pattern

Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more

7th Pay Commission Latest News: Central government employees' alert! one mistake could cost you your LTC claim—check report

Airbag for front-seat passenger made mandatory from THIS date

7th Pay Commission: Central Government Employees' Dearness Allowance (DA) to become 25 pct from April 2021?

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved