Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) arrests two businessmenin a case of fraudulent issuance of Input Tax Credit (ITC) invoices without actual supply of goods, involving evasion of approximately 79.21 crore on the taxable value of concocted supplies of 450 crore
GST
Dated:- 20-9-2018
Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) have arrested two businessmen, namely, Sh. Vikas Goel, Director of M/s Mica Industries Ltd, Delhi and Bhiwadi & M/s. Satellite Cables Pvt Ltd., Bhiwadi and Sh. Raju Singh Proprietor of M/s Galaxy Metal Products on 14.09.2018 in a case of fraudulent issuance of Input Tax Credit invoices without actual supply of goods, involving evasion of
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ake invoices. They are involved in issuing fake bills/invoices to each other in a Circular manner without any concomitant movement of goods or payments for such transactions thereby wrongful availing and utilizing fake ITC. On verification of corroborated documentary evidences and statements of various persons it was established that there was no movement of goods against the invoices raised. Both the Directors of companies and both the proprietor of firms have admitted that all payments for the transactions were made by third party adjustments and which were done at the end of the year. There was no actual payment invoice wise.
Further investigations are underway and the quantum of evasion is likely to go up. Officers are not ruling out t
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =