An Input Tax Credit (ITC) scam making use of bogus invoices was busted by the Karnataka Commercial Taxes Department. Raids were carried out against 86 vendors by the Karnataka Commercial Taxes Department of Bengaluru South Zone and an organised network using fake invoices to avail ITC was busted. The vendors faked invoices of business transactions in excess of Rs 352 crore and used fake ITC claims worth Rs 64 crore to cheat the government. They made use of GST numbers whose registration was either suspended or cancelled to generate fake invoices. The accused ran a syndicate to help human resource companies to claim ITC based on fake transactions and purchase orders.

Source: Indian Express November 29, 2023 12:57 UTC