Man held for Rs 16 crore GST fraud in Mumbai

The Mumbai East Commissionerate of Central  Goods and Service Tax ( CGST ) department arrested a man from Sion for allegedly availing the Input Tax Credit ( ITC ) of Rs 16 crore. The accused had also managed to take a loan of Rs 30 lakh from a private bank on the basis of a turnover which he had inflated by exchanging fake invoices within his own shell companies.  Under GST, ITC is the t…