Exporters used fake invoices worth Rs 3,500 cr to claim IGST refund

In the biggest ever pan-India joint operation against fraudulent claim of IGST refunds, the Directorate General of GST Intelligence (DGGI) and the Directorate General of Revenue Intelligence (DRI) have busted a major racket of fake invoices worth Rs 3,500 crore involving exporters.

Using fake invoices, the exporters are estimated to have claimed input tax credit (ITC) of more than Rs 470 crore which was further utilised. The agencies have intercepted live export consignments of many exporters at the Vadodara Rail Container Terminal, Mundra port and Nhava Sheva port for examination in order to ascertain the mis-declarations.

Read More: https://www.bhaskarlive.in/exporters-used-fake-invoices-worth-rs-3500-cr-to-claim-igst-refund-lead/