Two Arrested For Defrauding Government Exchequer Of Over Rs 392 Crore In Delhi

Two Arrested For Defrauding Government Exchequer Of Over Rs 392 Crore In Delhi

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This was apparently done to enable the Essel Group to avail inadmissible ITC: Finance Ministry

Central Goods and Services Tax (CGST) East Delhi Commissionerate on Friday arrested two men after unearthing a big network of fictitious firms working to generate and avail fake Input Tax Credit (ITC) of the GST.

"The network of fictitious companies was being operated by one Naresh Dhoundiyal in connivance with one Devender Kumar Goyal, who is a Charted Accountant by profession. Both are former employees of the Essel Group," read a statement by the Ministry of Finance.

"Naresh Dhoundiyal and Shri Devender Kumar Goyal hatched a deep-rooted criminal conspiracy with the intent to defraud the government exchequer and knowingly committed offences specified under sections of CGST Act, 2017, which are cognizable and non-bailable.

The investigations indicated that a layer of fictitious intermediatory companies was created to pass on bogus ITC from non-existent firms to the companies of the Essel Group without actual supply of any goods or services.

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