GST Officers Unravel Rs 47.12 Crore ITC Fraud in Iron and Steel Sector

GST officers have uncovered a massive fraud involving the fraudulent availing of Input Tax Credit amounting to Rs 47.12 crore in the iron and steel sector. The Anti-Evasion Branch of CGST Delhi South Commissionerate led the investigation, arresting one person and exposing the use of bogus invoices and non-functional business premises.

In a significant crackdown, GST officers have dismantled a fraudulent scheme that illicitly availed Input Tax Credit (ITC) worth Rs 47.12 crore within the iron and steel industry.

The Anti-Evasion Branch of CGST Delhi South Commissionerate uncovered this deceptive operation, pinpointing a city-based taxpayer involved in trading iron and steel commodities.

Investigations revealed the fraudulent procurement and distribution of ITC using fake invoices, with no actual goods exchanged, and linked to cancelled and suspended GSTINs, starkly violating the CGST Act 2017.

(With inputs from agencies.)