https://www.taxtmi.com/news?id=23559 A multi-layered network of fictitious firms was used to generate and pass on fake input tax credit; data analytics led officers to search multiple premises and uncover dozens of firms created solely to facilitate fake ITC transfers. The scheme was operated by a principal who received a commission for enabling fake invoicing. Investigations have quantified substantial fake ITC and related fake billing, the principal was arrested under Section 69(1) of the CGST Act, and further inquiries and enforcement actions are ongoing. en-us Mon, 18 Jan 2021 15:02:29 +0530 Mon, 18 Jan 2021 15:02:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=23559 A multi-layered network of fictitious firms was used to generate and pass on fake input tax credit; data analytics led officers to search multiple premises and uncover dozens of firms created solely to facilitate fake ITC transfers. The scheme was operated by a principal who received a commission for enabling fake invoicing. Investigations have quantified substantial fake ITC and related fake billing, the principal was arrested under Section 69(1) of the CGST Act, and further inquiries and enforcement actions are ongoing. News - Mon, 18 Jan 2021 15:02:29 +0530 https://www.taxtmi.com/news?id=23559