Karnataka ITC fraud: Karnataka officials bust fake ITC claim racket involving 100 firms with Rs 1,008 cr in turnover
The commercial taxes department in Karnataka, India, has arrested four individuals connected to a scrap goods racket that engaged in fictitious transactions to claim input tax credit (ITC). The network included about 100 firms with a turnover of INR 1,008 crore (about $133 million) and taxes of about Rs 180 crore ($23.7 million).
Source: indiatimes.com