Businessman Arrested in Assam for ₹12 Crore Fake ITC Scam 

Businessman Arrested in Assam for ₹12 Crore Fake ITC Scam

Assam GST officials have arrested a businessman for his alleged involvement in a fraudulent scheme related to the Goods and Services Tax (GST) that resulted in the illegal claiming of Input Tax Credit (ITC).

Key Details of the Allegation

• Scam Amount: The fraud is estimated to involve illicit transactions leading to the wrongful availment and utilization of ₹12 crore in Input Tax Credit.
• Action Taken: The arrest was carried out by the GST officials of the state of Assam.
• Modus Operandi: The businessman is alleged to have been operating or facilitating a network of bogus firms. These firms issued fake invoices for the supply of goods or services that did not actually take place, solely for the purpose of generating fraudulent ITC claims.
• Legal Consequence: The arrest signifies the state authorities’ stringent enforcement against large-scale economic offenses involving the misuse of the GST framework.