INR 63 Crore Fake GST Credit Scheme Busted

The fraud involved generating fake invoices without actual supply of goods or services, utilizing a network of 13 shell companies. This allows beneficiaries to fraudulently claim Input Tax Credit (ITC).

Tax professionals must enhance due diligence to detect and prevent fraudulent ITC claims, protecting clients from potential liabilities.

Monitor investigations to identify beneficiaries and the full extent of the fraud.