The Delhi CGST Commissionerate has exposed network of fictitious firms created by former Esel group employees. The tax evasion involves generating and claiming of fake input tax credit. An I-T department statement said that despite not being part of Essel group, the duo was involved in passing the fake ITC to the said Group. The Income tax department said that “This was apparently done to enable Essel Group to avail inadmissible Input Tax Credit of GST, book expenses to evade Income Tax and inflate their turnover to push the share prices of their listed companies.” The quantum of passing fake ITC is Rs 92.18 crore.
