Acting on specific intelligence, officers of the Central Goods & Services Tax (CGST) Commissionerate, Ludhiana, conducted multiple search operations in Ludhiana on 16 September and unearthed a massive fake GST invoice racket worth ₹455 Crore. Three related firms namely M/s Vasu Multimetals, M/s SVM Multimetals Private Limited and M/s Ingottastic LLP were involved in availing bogus invoices and utilized ineligible Input Tax Credit (ITC) worth Rs 69.41 Crores to set off their GST liabilities and thus causing serious leakage to government revenue.
Following the search operations, two individuals – a father son duo, who were operating and controlling these firms were arrested under the provisions of Central GST Act, 2017 and sent for judicial custody. The investigation is ongoing to uncover the full extent of the network and identify other entities involved.
The CGST Ludhiana Commissionerate reaffirms its commitment to detecting tax frauds and thus ensuring level playing field for honest taxpayers.