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  1. 2 businessmen arrested for Rs 79-cr GST evasion

2 businessmen arrested for Rs 79-cr GST evasion

The government on Thursday said it has arrested two Gurugram-based businessmen for evading Rs 79.21 crore under the GST by issuing fake invoices worth Rs 450 crore to claim input tax credit on non-existent supplies.

By: | New Delhi | Published: September 21, 2018 2:23 AM
2 businessmen arrested for Rs 79-cr GST evasion

The government on Thursday said it has arrested two Gurugram-based businessmen for evading Rs 79.21 crore under the goods and services tax (GST) by issuing fake invoices worth Rs 450 crore to claim input tax credit on non-existent supplies.

The arrests were made by the Gurugram zonal unit of the Directorate General of GST Intelligence, it said.

The accused were involved in issuing fake bills to each other without any corresponding movement of goods or payments for such transactions, which amount to availing and utilising invalid ITC.

Verification of corroborated documentary evidence and statements of various persons established that there was no movement of goods against invoices raised.

Further, both the directors of companies and the proprietors of firms have admitted that all payments for the transactions were made by third party adjustments, and there was no actual payment invoice-wise.
“During investigation, it was revealed that these businessmen heading Mica Industries had floated two entities namely Galaxy Metal Products, Delhi and Sri Ram Industries, Delhi for issuing such fake invoices,” the government said in a statement.

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