#GSTScam

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Posts tagged #GSTScam

CySecurity News

@cysecuritynews.bsky.social

4 months ago

Multi-Crore Fake GST Registration Racket Busted Across 23 States A sophisticated fake GST registration racket operating across 23 Indian states has resulted in a multi-crore tax evasion scam, exploiting weaknesses in the Goods and Services Tax (GST) system to generate fraudulent input tax credit (ITC) and evade government revenue on a large scale. The modus operandi largely involves creating fake GST registrations using forged documentation, including bogus Aadhaar and PAN cards, to establish shell entities with no actual business operations. These entities then issue fabricated invoices and generate e-way bills for non-existent transactions, facilitating the fraudulent input tax credit claims across genuine and shell companies. Regulatory authorities, including the Directorate General of GST Intelligence (DGGI), have uncovered several instances where syndicates employed layered transaction trails and fictitious suppliers to divert and siphon funds through systematic bogus invoicing. Major raids and investigations in cities such as Chennai and Belagavi have led to the arrest of key accused individuals, recovery of fake documents, freezing of bank accounts, and seizure of property documents linked to the scam. For example, one case in Belagavi revealed fake invoices totaling approximately ₹145 crore, leading to the arrest of an individual under the CGST Act. This GST fraud network targets not just government revenue, but also paves the way for large multinational firms to benefit from inflated ITC, according to Enforcement Directorate findings. This cross-border and multi-entity approach compounds the scale and complexity of investigations, with dummy entities being used to link bogus invoices and move money through multiple shell companies across several states. In response, the government has intensified compliance drives and implemented reforms, such as biometric Aadhaar authentication for GST registration in select states and more stringent registration checks. Authorities warn that unsuspecting individuals could have their PAN and Aadhaar details misused for fake GST registrations, making vigilance essential for both businesses and citizens. The ongoing investigations continue to unravel the extent of the network, highlighting the need for robust digital authentication, proactive monitoring, and inter-agency coordination to tackle these sophisticated financial crimes.

Multi-Crore Fake GST Registration Racket Busted Across 23 States #CyberFraud #FinancialScam #GSTScam

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Kathleen Westergaard 🇨🇦 MSW, RSW

@kathleenwester.bsky.social

1 year ago

#CRA
#GSTScam
#RebateScam

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Kerala Times

@keralatimes.bsky.social

1 year ago

വ്യാജ GST ലംഘന നോട്ടീസ് , നികുതിദായകർക്ക് സിബിഐസി മുന്നറിയിപ്പ് ; വ്യാജനെ എങ്ങനെ തിരിച്ചറിയാം? നോട്ടീസ് ലഭിച്ചാൽ എന്തുചെയ്യണം?keralatimeslive.news/2025/01/27/fake-gst-viol...

#fakegstnotice #gstfraud #gstscam #cbic