Accused involved in issuing invoices through non existing companies
Acting on intelligence and detailed data mining and analysis the officers of Vadodara-ll Commissionerate of Vadodara Zone, have detected that M/s Athira Steel Corporation and M/s Rare Earth Trade lmpex were found to be non-existing. They found both the units engaged in issuing the fake and bogus invoices to the assesses located in the jurisdictions of Jodhpur, Bangalore, Mumbai and Thane CGST Commissionerates.
As per the release the investigation revealed that some unscrupulous persons have been operating the racket of issuance of bogus invoices without supply of goods. On the basis of the fake invoices the inadmissible and wrong credit has been availed. These persons had been manipulating and issuing the fake invoices in the name of more than 20 fake units in Rajasthan, Gujarat and Maharashtra.
The detailed analysis of 24 such fake units based in Gujarat and Rajasthan has led the officers to Identify 598 units involved in the racket and 14000 documents on which the fake credit has been Identified. The total value of bogus invoices is to be the tune of Rs. 1015 Crores and the total credit involved on such bogus invoices is to be tune of Rs. 200 Crores(approx.) so far.
The investigations are under process and since the racket involves the multi-layered transactions in the various jurisdictions, it Is expected that the further detailed investigation of the same is likely to result in wrong availment of tax input credit not less than to the tune of Rs. 1000 Crores.