This story is from January 23, 2020

Mumbai firm’s director held for ITC scam of Rs 6.74 crore

Mumbai firm’s director held for ITC scam of Rs 6.74 crore
Surat: The Directorate General of GST Intelligence’s (DGGI) Vapi regional unit, arrested on Wednesday the director of a Mumbai-based company engaged in trading of plastic granules, for fraudulently availing and utilising Input Tax Credit (ITC) to the tune of Rs 6.74 crore on Wednesday.
Director of Mumbai-based Walambia Plastics Private Limited, Manoj Jain, was arrested for committing offence punishable under section 132 of the CGST Act, 2017.
Jain was produced before the Vapi court which remanded him to judicial custody till January 24.
According to the DGGI officials, they had raided Prabhat Traders in Halol in Panchmahal district and carried out searches at 17 locations in Halol, Daman, Silvassa and Mumbai on December 12, 2019. After the scrutiny of records, it was revealed that that Walambia Plastics Private limited based in Goregaon (East) in Mumbai and engaged in trading of plastic granules and indulged in issuance of invoices without actual supply of goods.
It was further revealed that the company received ITC on basis of fake invoices from many entities and further passed on such wrong ITC to various manufacturers in Daman and Silvassa. The Walambia Plastics availed and utilised fraudulent ITC to the tune of Rs 6.74 crore either from non-existing firms or without actual receipt of goods.
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