Rs 54-crore GST fraud exposed

Based on specific intelligence, officials of the Central Goods & Services Tax Commissionerate, Ludhiana, conducted multiple search operations in a private firm in Mandi Gobindgarh, Fatehgarh Sahib district, on Thursday unearthing a GST fraud worth Rs 54 crore.

A private limited company, which manufactures iron and steel products, has availed bogus GST invoices to the tune of Rs 300 crore and used such ineligible Input Tax Credit (ITC) to set off GST liability, thus causing significant loss to the government.

Following the search operations, a key person of the firm was arrested under the provisions of Central GST Act, 2017. Probe is on to identify other entities involved.