The Central Goods and Services Tax (CGST) commissionerate arrested the managing director of a copper wire manufacturing unit on charges of evading Goods and Services Tax (GST) to the tune of 35 crore.
Chennai North CGST commissionerate conducted searches at the manufacturing firm G and T Pvt Ltd in Vadaperumbakkam, managed by Prakash Kumar, on Nov 11. During the searches, a substantial volume of incriminating digital and documentary evidence including cash slips, quotations, UPI and bank transactions was recovered, confirming that sales took place without due GST invoices. Officials said that the firm suppressed a turnover of 193.50 crore over five years, and the total GST evasion amounted to 34.81 crore.
“Prakash Kumar sold copper winding wires and copper strips without invoices by issuing just quotations and received money in cash as well as through online payments in unregistered bank accounts of various persons, including their employees. The accused confessed to the offence,” said a GST official. Prakash Kumar was arrested under the GST Act and remanded in judicial custody until Dec 5.
In Oct, GST officials busted another GST invoice racket by arresting two persons who created bogus invoices for 59 crore to help firms get input tax credit worth 10.64 crore. The duo generated fake invoices in the name of 89 non-existent companies to enable input tax credit for 19 firms.
Source #TOI
