Jaipur CA Held for Generating Fake ITC Without Supplying Goods or Services
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Jaipur: In a crackdown on tax evasion through fake billing, the enforcement wing of the state tax dept has arrested chartered accountant Ankit Jain of M/s KC Jain & Associates. Jain was taken into custody on Wednesday for allegedly generating and using fake input tax credit (ITC) worth Rs 10.05 crore without supplying any actual goods or services.
The arrest was made under the supervision of Additional Commissioner (Administration) Shishupal Singh, following directions from the Special Commissioner (Enforcement). The operation was led by Manish Bakshi, Joint Commissioner, Circle-A, Enforcement Wing-III, Jaipur, with Assistant Commissioner Krishan Kumar Swami executing the arrest. Jain has been sent to judicial custody by the court.
According to Singh, Jain misused his position while filing returns for some of his clients’ firms. He reportedly issued fake invoices for non-existent transactions, generating and utilising fraudulent ITC to benefit his clients and himself. In return, he is believed to have received commissions while enabling tax evasion and causing significant revenue loss to the govt.
The team involved in the operation included Assistant Commissioner Hemant Chanchal, State Tax Officers Hemant Kumar Sharma, Sanjay Chaudhary, Pradeep Kumar, and Tax Assistant Dinesh Kumar Saini.
