GST department has detected a fraud which could be around 200 crore. Officials have stated that bogus trading of around 1100 crore was carried out by multiple firms in state of Madhya Pradesh, Gujarat and Maharashtra.
The metal dealers issued fake bills to take benefits of Input Tax credit which could be around 200 crore and real value of fraud will be known after full investigation.
This is not the first case, after implementation of GST various frauds has been caught. Under GST it is very easy to catch a fraudulent transaction.
Officers have been investigation the case and till now statements of 14 accused have been recorded.
After implementation various frauds have been caught by department and reported by tax payers and consultants too. KnowyourGST has published a research on GST data fraud.
Check your GST numbers in bulk. Check unlimited GST numbers with very cheap packages.