Fake firms misused Rs 1,500 cr gift cards, evaded GST: Probe

The Central Goods and Services (CGST) Department has busted a racket of fake firms, which allegedly misused gift cards issued by banks and pocketed the commission of Rs 30 lakh over the past 10 months.  As part of its marketing strategy, banks issue prepaid instruments, also known as gift cards, to companies after the submission of KYC documents. The firms then issue the gift cards to their e…