GST officers have arrested two city based businessmen for evading taxes worth Rs 201 crore by fraudulently issuing invoices of Input Tax Credit (ITC) without actual supply of goods.
The Central GST Delhi West Commissionerate has arrested two Rohini-based businessmen in the plastic granule industry, who were involved in tax evasion of Rs 201 crore, the Finance Ministry said in a statement.
"Searches were conducted at several places during which various incriminating documents and evidences were found. During investigation, it was revealed that the businessmen had floated multiple entities for issuing such fake invoices," it added.
Further investigations are underway and the quantum of evasion is likely to go up.
Officers are not ruling out the possibility of existence of several other fake firms as the investigation moves ahead, the ministry added.
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