Man arrested for GST credit fraud in Chennai

CHENNAI: The Chennai Outer Commissionerate of GST and Central Excise department has claimed busting of a fake invoice racket by arresting a suspect on charges of cheating to the tune of Rs 31 crore.

The GST & CE office had withheld the identity of the accused but said that he with the help of few others obtained GST registration for a web of non-existent companies. Tax invoices were issued among these companies without supplying any actual goods or offering services for want of input tax credit. GST Chennai Outer Commissionerate arrested the main accused after investigation and has identified the companies who availed fraudulent input tax credit from him. Further investigation is on, a note from the commissionerate said.