The GST department has arrested Pragnesh Kantaria, the alleged mastermind behind a massive Rs186 crore GST scam. Kantaria’s arrest follows extensive raids conducted at Fortune Copper Industries, Infinity Exim, and 14 other companies linked to his fraudulent activities. These raids uncovered widespread fraudulent practices involving fake invoicing and misuse of Input Tax Credit (ITC) provisions.
The arrest highlights the ongoing battle against GST fraud in India, where fraudulent schemes continue to undermine the integrity of the tax system. Fake invoicing and the improper use of ITC result in significant revenue losses, further straining the nation’s finances.
This action by the GST department is part of its proactive efforts to strengthen tax compliance and deter similar fraudulent activities. Authorities are investigating further and expect to uncover additional fraudulent activities connected to Kantaria’s businesses.
With Kantaria’s arrest, the GST department is likely to pursue stringent legal actions to recover the defrauded amount and hold those involved accountable. This case serves as a strong warning to businesses attempting to exploit the tax system.