Input Tax Credit used for Fraud
Two Kanpur Businessmen Arrested for Rs 60 crore GST Fraud
Lucknow: Two businessmen have been arrested from Kanpur for evading tax worth over Rs 60 crore.
A statement issued by the director general of the GST Intelligence, Lucknow unit, stated that searches were conducted at various locations in Kanpur of firms owned and managed by the accused, which resulted in detection of bogus billing under GST to pass on wrong Input Tax Credits (ITC).
It was also found that the accused were issuing bogus bills for supply of cement, bitumen, raw hides, plastic granules, BOPP films and metals without the supply of any goods or services. Such invoices were issued with the intention of passing the benefits of ITC to their clients.
In the last one year, the accused issued bogus invoices worth Rs 400 crore, which involved GST evasion of about Rs 60 crore. They also connived with transporters to get a bogus consignment date to show movement of goods on paper and created fake e-way bills. The duo payments through RTGS for the bogus supply of goods and returned the amount in cash after deducting their commission.
GST Council may consider abolishing the provision of Input tax Credit and lowering the rates of GST for the benefit of consumers. As it is the benefit availed by suppliers of goods and services is not passed on to end consumers. more
Lucknow: Two businessmen have been arrested from Kanpur for evading tax worth over Rs 60 crore.
A statement issued by the director general of the GST Intelligence, Lucknow unit, stated that searches were conducted at various locations in Kanpur of firms owned and managed by the accused, which resulted in detection of bogus billing under GST to pass on wrong Input Tax Credits (ITC).
It was also found that the accused were issuing bogus bills for supply of cement, bitumen, raw hides, plastic granules, BOPP films and metals without the supply of any goods or services. Such invoices were issued with the intention of passing the benefits of ITC to their clients.
In the last one year, the accused issued bogus invoices worth Rs 400 crore, which involved GST evasion of about Rs 60 crore. They also connived with transporters to get a bogus consignment date to show movement of goods on paper and created fake e-way bills. The duo payments through RTGS for the bogus supply of goods and returned the amount in cash after deducting their commission.
GST Council may consider abolishing the provision of Input tax Credit and lowering the rates of GST for the benefit of consumers. As it is the benefit availed by suppliers of goods and services is not passed on to end consumers. more
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Many had tried to avoid GST Returns, Bank Through Transactions, Linkage of Aadhar to Bank A/cs and Phones WHILE INSISTING FOR IMMEDIATE CREDIT OF Input Tax Credit and, amendments easing GST and relaxing Returns . There is heavy work for Tax Departments , Auditors Vigilance Staff etc., and, even the present Staff are inadequate too UNLESS THE ABOVE 3 ARE enforced . Many are trying to convince their States too to insist on GOI and GST Authority WITH AN INTENTION THAT CENTRAL GOVERNMENT WILL - RELAX - AMEND - AND BEFIT THE BUSINESSMEN ---- in view of the Fast approaching General Elections. There will be many such Businessmen in all the States and Cities AND ONLY COULD BE CAUGHT ON QUANTITATIVE AND VALUE ANALYSIS of MADE and SOLD goods . more
Jul 06
AADHAR ; BANK-THROUGH TRANSACTIONS ; GST ;;; are the ONLY CONTROLS of Corruption and Black Money and many are influencing all Sectors and Bodies . more
Jul 06
