GST officers arrest man for Rs 50.03 crore input tax credit fraud, fake firms

"Multiple KYCs and cheques were resumed during the search of his residence. He used to pass on fake Input Tax Credit to his clients in exchange for a commission of 2 per cent of the invoice amount. The total fake Input Tax Credit passed on quantified so far is Rs 50.03 crore, which is expected to increase as the investigation progresses," FinMin added.

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