Central GST officials in Delhi have busted a Rs 31.95 crore fake Input Tax Credit fraud involving a company that claimed credit using fake invoices. The firm’s director was arrested, and investigations revealed links to multiple fictitious firms
Tax officials said the company was involved in availing input tax credit (ITC) without actual receipt of goods and also passing it to others without actual supply of goods which is illegal.
Mahindra & Mahindra Ltd on Friday said it has been imposed a penalty of over Rs 14.3 lakh for incorrect input tax credit availed during the transition from the excise regime to the GST regime.
