TaxTMI 
TaxTMI 
Rs 172 crore fake input tax credit racket busted; chemical company owner held
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....s 172 crore fake input tax credit racket busted; chemical company owner held<BR>GST<BR>Dated:- 11-2-2026<BR>PTI<BR>Thane, Feb 11 (PTI) The Central Goods and Services Tax (CGST) authorities in Maharashtra's Thane have busted a racket allegedly involved in fraudulently availing input tax credit (ITC) of Rs 172 crore, and arrested a chemical company's owner for the scam, officials said on Wednesday. ....
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.... The action was taken by the anti-evasion wing of the CGST and Central Excise of Thane Commissionerate. In its probe, the commissionerate found that Bhaumik Girishbhai Gandhi, director of Florida Solvent Private Ltd, was the mastermind who fraudulently availed and passed ineligible ITC without the actual receipt and supply of goods to the tune of Rs 952 crore. "Based on documents on record and d....
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....etailed investigation, it was found that the accused orchestrated the availment and passing of fake ITC through non-existent and cancelled firms," it said in a release. Multiple searches were conducted at the premises of suppliers of the company, which brought to light that several of the supplier firms were either non-existent or had cancelled registrations, indicating that the transactions were....
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.... bogus, it said. Further searches at Gandhi's residential premises led to the recovery of incriminating documents and evidence pointing to the fraud without the actual supply of goods. Gandhi, in his voluntary statement, admitted to masterminding the fraud, earning commissions and directly benefiting from the illegal proceeds, the release said. He was arrested on February 10, and produced befor....
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....e a local court, which remanded him in 14 days of judicial custody. PTI COR NP =============<BR> News - Press release - PIB....