Chennai: A woman director of three companies has been arrested and remanded to judicial custody for alleged receipt and issuance of fake GST invoices without any actual transaction and availing Rs 43 crore Input Tax Credit, a senior official said Monday.
Following a tip off, search operations were held, and fake invoices recovered from the premises of these companies.
The woman allegedly admitted that fake invoices were issued without supply of goods from her three companies to enable the receivers (firms) to avail ITC to the tune of Rs.42.93 crore and received commission on invoice value.
The woman been arrested under the CGST Act on December 15 and remanded to judicial custody, Principal Commissioner of GST and Central Excise (North), M Sreedhar Reddy said.
"Further investigation is in progress. The department has taken serious efforts to curb evasion of GST." (PTI)