A major manufacturing company in the iron and steel sector was found involved in availing bogus GST invoices and utilising ineligible Input Tax Credit (ITC) amounting to ₹47.50 crore to offset its GST liabilities, thereby causing a significant loss to government revenue.
The investigation revealed that the company is actively engaged in availing fraudulent Input Tax Credit solely on the basis of invoices without any underlying supply of goods or services.
The company has received an assessment order dated February 20, 2025, from the Office of the Assistant Commissioner, Mohali, Punjab alleging liability on reverse charge mechanism, a mismatch in the input tax credit (ITC) claimed by it during FY 2020-21, it said in a regulatory filing.
In an application filed by Wago Private Limited, it sought to rule on the admissibility of input tax credit (ITC) of GST paid on the procurement of air conditioning, cooling, and ventilation systems including the service of installation and commissioning of the same.
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.
While one person has been remanded to departmental custody of the CGST office for seven days, the rest have been sent to judicial custody for as many days.
Chief Minister Mukul Sangma has said the collection of revenue under the Goods and Services Tax (GST) regime in Meghalaya…
