MNCs In India

The Enforcement Directorate (ED) on Friday said its preliminary probe into a multi-crore pan-India alleged fake input tax credit (ITC) fraud has found that "big MNCs" were benefiting from these illegal transactions. The Itanagar (Arunachal Pradesh) office of the federal probe agency carried out searches in this case on Thursday and covered about 10 premises in the northeastern state apart from Delhi, Haryana, Tamil Nadu and Telangana. The raids were undertaken in connection with a multi-crore fake ITC fraud following registration of a case under the Prevention of Money Laundering Act (PMLA), it said in a statement. ITC is a legal mechanism in the Goods and Services Tax system that allows business entities to reduce their tax liability by claiming credits on GST paid for business-related purchases. The case stems from a complaint against a company named Amit Traders, located in Assam's Guwahati, the agency said. The company was found to be "non-existent" at its declared address, it

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