Friday, June 18, 2021

GST team raids tax fraudsters in Ludhiana, 3 arrested

In a major crackdown on tax fraudsters, Special Investigation Team of Punjab GST Department, Ludhiana on Tuesday conducted raids on various proprietors and arrested three persons allegedly involved in fraudulent ITC created by way of bogus invoices without actual purchase of goods (readymade garments) through purchases shown from bogus/non-existent firms.
Disclosing this on Tuesday, spokesperson of Punjab GST Department, informed that search and seizure operations were conducted at four premises by the teams of the department including business premises of the accused in order to gather evidence for establishing the modus operandi that involved utilising the fake invoices without actual receipt of goods. A network of bogus firms using fake IDs in the name of various persons including daily wagers, waiter, auto-rickshaw driver etc were created across five different states in order to pass on the fraudulent ITC to the final beneficiaries (accused).
Divulging further, Spokesperson said that accused were indulged to use the fraudulent ITC generated by way of fake invoices for the purpose of exports which were IGST paid and thereafter claimed refund from the customs authorities. Investigation had revealed that the bogus billing network of the non-existent firms was used to generate fake invoices of more than 350 crore resulting into utilization of ingenuine ITC total worth more than 30 crore and these 3 accused had utilized about Rs 23 crore of the total fraudulent ITC. The accused have been arrested under the provisions of GST laws and remanded to judicial custody for 14 days. Action against other beneficiaries is also being initiated and further investigation is going on.

MUST READ  Schools in Punjab to reopen for physical classes for students of V to XII from January 7: ADC (D) Sandeep Kumar

Latest news

WATCH Donald Trump selling kulfis in Pakistan!

Yes, a kulfi seller whose video was shared by Singer-songwriter and activist Shehzad Roy, has become the latest sensation on the internet. https://twitter.com/i/status/1402938051945549829 While Roy originally shared the...

Indian-origin Judge nominated for Canada Supreme Court’s top position

Prime Minister Justin Trudeau on Thursday nominated the first person of color to the top court in Canada, a country in which nearly one...

CBSE goes with 30:30:40 formula for Class XII students

Ending uncertainty over the method of calculating marks or grades of Class XII students following cancellation of their examinations due to Covid, the Supreme...

US Supreme Court rejects challenge to Obamacare for the third time

The US Supreme Court has rejected a Trump-backed challenge by Republican-led states to former President Barack Obama's healthcare overhaul. Despite the court's conservative tilt, its...

Related news

WATCH Donald Trump selling kulfis in Pakistan!

Yes, a kulfi seller whose video was shared by Singer-songwriter and activist Shehzad Roy, has become the latest sensation on the internet. https://twitter.com/i/status/1402938051945549829 While Roy originally shared the...

Indian-origin Judge nominated for Canada Supreme Court’s top position

Prime Minister Justin Trudeau on Thursday nominated the first person of color to the top court in Canada, a country in which nearly one...
MUST READ  Dry run for administering Covid vaccine to be held on December 28 & 29: Deputy Commissioner

CBSE goes with 30:30:40 formula for Class XII students

Ending uncertainty over the method of calculating marks or grades of Class XII students following cancellation of their examinations due to Covid, the Supreme...

US Supreme Court rejects challenge to Obamacare for the third time

The US Supreme Court has rejected a Trump-backed challenge by Republican-led states to former President Barack Obama's healthcare overhaul. Despite the court's conservative tilt, its...

Masks mandatory on Sydney public transport for next 5 days

Masks will be mandatory on public transport in Sydney for the next five days after a new local COVID 19 case was linked to...

Heavy ban on Tevita Pangai Jnr for crusher tackle

Brisbane's Tevita Pangai Jnr is facing a minimum three-week ban for a crusher tackle last night. The NRL's match review committee handed a grade one...

China launches first 3-member crew to new space station

China has launched three astronauts into orbit to begin occupation of the country's new space station. The three men - Nie Haisheng, Liu Boming and...

Power supply shortage expected in Melbourne’s east due to storm damage

Victorians hit by damaging storms are facing a fresh blow, with 3000 residents of the Dandenong Ranges told they could be without power for...