GST officers have booked case against three firms for issuing fake invoice worth over Rs 4,198 crore and fraudulently claiming input tax credit of Rs 660 crore.
The Directorate General of GST Intelligence (DGGI) Headquarters booked a case on March 3, 2020, against Fortune Graphics Ltd, Reema Polychem Pvt Ltd and Ganpati Enterprises, a finance ministry statement said.
"During investigation, it was revealed that Fortune Graphics, Reema Polychem and Ganpati Enterprises have issued invoices worth more than Rs 4,198 crore wherein tax amount of more than Rs 660 crore has been fraudulently passed on as ITC credit to buyers of such fake invoices," it said.
One of the directors of Reema Polychem has been arrested on March 4. Role of other directors of these three firms is under investigation.
In the past, Directorate of Revenue Intelligence have booked a case of diversion of duty-free goods imported under advance authorisation scheme by Reema Polychem Pvt Ltd.