In a major achievement, the GST intelligence wing unearthed a racket involved in fraudulent GST transactions amounting to crores of rupees in Rourkela today. As per reports, the racket was active since the introduction of GST by the union government and had been causing massive losses to the state exchequer by availing benefits under the input tax credit system of companies by creating fake accounts.
Though the losses caused by the racket to the state exchequer have not been estimated by the Intelligence wing, preliminary investigations revealed that it could run into a few crores of rupees, informed sources. Earlier in August, the intelligence wing had conducted raids at different places in Bhubaneswar and outside & traced evidences pointing at the fraud. Meanwhile, one person has been detained in connection with the fraud while search is on to nab other involved persons.