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Telangana: Three businessmen arrested for GST fraud

Investigators found that the businessmen had floated many firms either directly by them or with the help of their acquaintances and such firms have claimed Input Tax Credit based on fake/bogus invoices.

By: Express Web Desk | Hyderabad |
January 8, 2021 9:43:37 am
The officers identified firms, M/s. Pritam Footwear Corporation, M/s. Rajesh Footwear and M/s. Yogesh Footwear to have issued fake GST Invoices or e-way bills.

Cracking down on businesses fraudulently claiming Input Tax Credit by issuing fake invoices, officers of the Anti-Evasion wing of GST-Rangareddy Commissionerate arrested three businessmen for fraudulently claiming GST refunds to the tune of Rs.19.1 crore.

The three accused – Mukesh Kumar Goel, Sanjay Joshi, and Rahul Aggarwal – created non-existent firms, issued invoices without actual supply of goods or services to avail Input Tax Credit and claimed refunds on account of inverted tax structure, said an official press release.

The investigators found that they had floated many firms either directly by them or with the help of their acquaintances and such firms have claimed Input Tax Credit based on fake/bogus invoices.

The officers identified firms, M/s. Pritam Footwear Corporation, M/s. Rajesh Footwear and M/s. Yogesh Footwear to have issued fake GST Invoices or e-way bills. “This facilitated in the passing of ineligible ITC to the tune of Rs.32.54 crore. They fraudulently claimed refund to the tune of Rs.19.1 crore.”

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By the creation of a complex web of interconnected firms or companies engaged in the fraudulent issuance of tax invoices without the supply of goods or services, they enabled the recipient companies to avail and utilize fake ITC, leading to a loss of government revenue, said the release, stating that investigations have revealed a well-thought-out conspiracy aimed at duping the state exchequer.

On Thursday, the officials produced the three accused businessmen before a special court for Economic Offences for judicial remand. Further investigation and recovery proceedings are underway.

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First published on: 08-01-2021 at 09:43:37 am

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