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Maharashtra: Businessman held for Rs 24.55 crore tax fraud

He allegedly availed wrong Input Tax Credit of Rs 24.55 crore on the basis of bogus invoices for Rs 136.38 crore without the actual supply of goods, the official said.

PTI PTI
Thane Published on: August 28, 2019 12:38 IST
Maharashtra: Businessman held for Rs 24.55 crore tax fraud
Image Source : PTI REPRESENTATIONAL

Maharashtra: Businessman held for Rs 24.55 crore tax fraud

A businessman has been arrested by

GST officials in Maharashtra's Thane district for allegedly
evading taxes worth Rs 24.55 crore by fraudulently issuing
invoices without actual supply of goods, an official said on
Wednesday.

Acting on specific inputs, searches were conducted at
three firms of businessman Bhavin Bharat Shah during which
incriminating documents and sale/purchase invoices were found,
a spokesperson of the Central GST and Excise department said.

Shah floated three firms, namely, M/s C B Shah and Co,
M/s Padmavati Enterprise and M/s Maanya Impex, which were
allegedly involved in the receipt of fake bills/invoices and
issuance of invoices without the supply of actual goods.

He allegedly availed wrong Input Tax Credit of Rs
24.55 crore on the basis of bogus invoices for Rs 136.38 crore
without the actual supply of goods, the official said.

"The payment for the said invoices was made through
RTGSand the cash was received after deduction of commission
of 50 per cent of the GST involved," he said.

"Shah also admitted that he had issued invoices to
various companies without the supply of goods or services on a
commission basis of two per cent and three per cent of the
value of goods," the spokesperson said.

Following the searches, Shah was arrested on Tuesday
and booked under relevant sections.

He was subsequently produced before a magisterial
court which remanded him in judicial custody till September 9,
the official added. 

 

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