Acting on intelligence inputs, Special Investigation Branch (SIB) of the commercial tax department unearthed a tax evasion case involving a firm located in the Ghaziabad industrial area. The firm, engaged in the manufacturing and trading of gear, bearings, environmental gear, gearboxes, machinery parts, and tools, was found to be evading taxes through bogus transactions.
“During the inspection, the firm was discovered to have engaged in unauthorised outward supplies without appropriate documentation. The investigation team also found that the firm did not maintain a stock register, nor could it present any valid e-way bills for the goods in transit. Moreover, several staff members were unaware of the company’s business transactions and its proprietor,” joint commissioner (SIB) Jaismin Jain said.
A gap of ₹3 crore was also found in the TDS to various government departments and the turnover declared by the company.
“The firm, prima facie, evaded a tax of ₹10 crore. A detailed investigation into the matter is on,” he said.
Officials seized crucial digital evidence and a laptop containing transaction records, which indicated the firm’s involvement in preparing fake invoices and routing them through shell companies. “The department is taking further legal action and assessing tax liability and penalties under the GST Act,” Jain said.
Source from: https://www.hindustantimes.com/cities/lucknow-news/ghaziabad-firm-caught-evading-rs-10-crore-gst-101747853331007.html
