Home GST 50 Yr Outdated Man arrested for Rs.147 Crore GST Bill Rip-off

50 Yr Outdated Man arrested for Rs.147 Crore GST Bill Rip-off

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50 Yr Outdated Man arrested for Rs.147 Crore GST Bill Rip-off

GST Evasion: 50 Yr Outdated Man arrested for Rs.147 Crore GST Bill Rip-off

A 50 12 months previous man from Nerul was arrested by the Central GST Belapur Commissionerate’s anti-evasion unit for his suspected participation within the buying and selling of payments with out the underlying provide of products amongst quite a few enterprises using dummy administrators and personnel on Friday.

The unnamed accused is believed to be the de facto director of three firms: Dhruvika Chemical compounds Buying and selling Pvt Ltd, Nicolasa Buying and selling Pvt Ltd, and J B Dyechem Pvt Ltd. These companies had been utilised to create bogus invoices with no underlying provide of products. The pretend invoices had been subsequently utilised to say ITC from the federal government.

This resulted within the detection of Rs.147 crore in enter tax credit score, however no restoration was effected. The taxable worth is Rs.817 crore in whole. The ineligible ITC contained in the bogus corporations was fashioned to inflate turnover to be able to get financial institution loans.

Based on a CGST officer, “the businesses had been participating in unlawful transactions till March 2022. A Belapur court docket has ordered the accused to judicial jail until August 31.”

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