Rajkot: The Central GST (Goods & Services Tax) department has busted a ₹92.71-crore fake input tax credit (ITC) racket involving fictitious and non-existent firms. Officials say multiple shell companies were floated only on paper to generate bogus invoices and illegally claim ITC, causing major revenue loss to the exchequer.

The investigation reveals a well-planned network created to fabricate transactions and rotate invoices. CGST officers have identified the key accused and arrested three persons, including the suspected mastermind, who have been remanded to judicial custody. Further investigation is underway to trace other beneficiaries, firms involved, and the financial trail of fake ITC passed through the network. DeshGujarat