Four people were arrested for issuance of invoices without actual supply of goods and thereafter availing fraudulent Input tax credit for seeking Integrated Goods and Service Tax refunds, Finance Ministry said on Saturday.Teams from Central Goods and Service Tax (CGST) made the arrests and busted a racket which issued invoices without actual supply of goods in order to seek tax refunds."In a joint operation, CGST Delhi (West) and CGST Delhi (North) busted a racket of issuance of invoices without actual supply of goods. Taxpayer availed fraudulent Input Tax Credit for seeking IGST refunds from Customs formations. Four persons arrested and sent to judicial custody for 14 days. Prima facie, fraudulent Input Tax Credit of Rs 195 crores has been passed," read a press release.Investigations revealed that following a novel modus operandi the taxpayers showed supplies to special economic zones (SEZs) for claiming the fraudulent refund from CGST formations."Devender Kumar Yadav and Sanjeev ...
