A 34-year-old man from hyderabad set up 20 fake companies in various cities in the telugu state and created bills.
Freight transactions from these companies in various cities of the country amount to Creating 265 crore fake invoices.
A young man who had only studied up to Inter worked in small businesses and spotted a GST loophole. He laid out the tactic to commit tax fraud. He used all his intellect for this. But in the end, his plan was ruined before it fully materialized.
As part of ongoing inspections, officials of the Directorate General of GST Intelligence (DGGI) in Visakhapatnam exposed the youth's fraud.
A 34-year-old man from hyderabad set up 20 fake companies in various cities in the telugu state and created bills.
Freight transactions from these companies in various cities of the country amount to Creating 265 crore fake invoices. Using these, Trying to get an input tax credit of Rs 31 crore, he implemented a strategy to avoid paying taxes.
After examining these huge fake invoices, the DGGI, Central GST factions ... rocked the rocket of 20 fake companies as if they were pulling a string.
Director-General of GST Intelligence Visakhapatnam Joint director Bhaskara Rao said the accused was immediately arrested and remanded.
He said a special drive had been conducted across the country on such scams since november last year.
In the Visakhapatnam zonal unit, about 180 counterfeit companies have been set up, and Bhaskara Rao said Rs. 60 crores was recovered and five people were arrested.
