Punjab Uncovers Massive Fake Billing Scams

Punjab's Finance Minister Harpal Singh Cheema announced that the state taxation department has exposed fake billing scams involving hundreds of firms and totaling thousands of crores of rupees. Major frauds were discovered in firms dealing in gold and iron. Several registrations have been cancelled, and legal actions initiated.

Punjab's Finance Minister Harpal Singh Cheema on Friday revealed that an investigation by the state taxation department's enforcement wing has exposed fake billing scams amounting to thousands of crores of rupees.

Two gold-related firms created fake bills worth Rs 860 crore, while 303 iron-dealing firms are involved in fabrications that total Rs 4,044 crore, Cheema stated here.

Additionally, 68 firms registered under different names were implicated in Rs 533 crore worth of fake billing. The Minister, who also oversees the Excise and Taxation department, commented on inspections conducted in Amritsar and Ludhiana, uncovering fraudulent transactions in the gold sector amounting to Rs 336 crore and Rs 424 crore respectively.

The state has cancelled registrations for bogus firms and taken significant steps to block Rs 707 crore in falsely claimed Input Tax Credit (ITC). Furthermore, Cheema emphasized the state's proactive measures to prevent future tax evasion, including linking GST registration to Aadhaar authentication.