The company is alleged to have used and used ITC on false invoices of Rs 60 crore, the official said.
Thane:
The owner of a steel company in Maharashtra’s Thane district has been arrested for allegedly taking advantage of input tax credit using false invoices amounting to Rs 60 crore, an official said on Thursday.
The Goods and Services Tax (GST) Commissionerate in Navi Mumbai seized a fake ITC racket worth Rs 10.68 crore and arrested the owner of Navnit Steels on Wednesday, the official said.
The company is alleged to have used and used ITC on false invoices of Rs 60 crore, he said.
The company traded in raw materials and finished products of aluminum and steel. However, the investigation revealed that the owner had used and passed on fake ITC from several bogus firms, the official said.
The suspect has been arrested under relevant provisions of the Central Goods and Services Act, 2017 and was brought before a magistrate on Thursday, he said.
As part of an anti-evasion campaign, the Navi Mumbai Commissionerate has discovered tax evasion of Rs 425 crore, recovered Rs 20 crore and recently arrested 11 people, according to a release.
