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₹100-cr bogus billing scam busted in Punjab, 3 held
The state goods and service tax (GST) department has unearthed a racket wherein firms issued fake invoices worth ₹100 crore involving a tax evasion of ₹19.83 crore.
The state goods and service tax (GST) department has unearthed a racket wherein firms issued fake invoices worth ₹100 crore involving a tax evasion of ₹19.83 crore.
An official spokesperson said three firms of Mandi Gobindgarh — Tarun Steel Industries, Fortune Alloys and Metals and Broadways Sales Corporation — were working in connivance with each other to evade tax. The department has also detected cash withdrawal ₹96.24 crore from various banks by these firms.
“These firms issued bills without actual movement of goods,” the spokesperson said. Three persons — Rajinder Bassi of Tarun Steel Industries, Tarun Bassi of Broadways Sales Corporation and Manish Paul of Fortune Alloys and Metals — have been arrested.
“They were presented before a duty magistrate who had sent them to 14-day judicial custody,” he said.
The department has seized account books, laptop and mobile phones from the business premises and residence of the accused.
“All beneficiaries of fake invoices have been identified and the process of recovering tax has been initiated. Prosecution proceedings will be initiated against beneficiaries who have utilised the input tax credit above that the prescribed limit as per Section of 132 of the Act,” the spokesperson said.
Additional commissioner of state GST Ravneet Khurana, AIG GS Dhanoa and deputy commissioner state tax, Ludhiana division, Pawan Garg supervised the investigation.
