Directors of two companies held for GST fraud
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CGST Mumbai Central Commissionerate arrested the directors of two companies for allegedly availing of tax credit in a fraudulent manner.
Sanjiv Pravin Mehta, director of Shah Brothers Ispat Pvt Ltd, and Vinaykumar D Arya, director of V N Industries, both were arrested for availing of ineligible credit of Rs. 5.20 crore and Rs. 2.03 crore.
Investigation revealed that the companies were only exchanging invoices for so-called sale and purchase.
There was only paper and invoice movement, but no actual sale or purchase of goods.
These exchanges were being done with a malafide intention to defraud the exchequer by opening Letters of Credit on fake purchase transactions. #casansaar (Source - NewsOnAir)
Sanjiv Pravin Mehta, director of Shah Brothers Ispat Pvt Ltd, and Vinaykumar D Arya, director of V N Industries, both were arrested for availing of ineligible credit of Rs. 5.20 crore and Rs. 2.03 crore.
Investigation revealed that the companies were only exchanging invoices for so-called sale and purchase.
There was only paper and invoice movement, but no actual sale or purchase of goods.
These exchanges were being done with a malafide intention to defraud the exchequer by opening Letters of Credit on fake purchase transactions. #casansaar (Source - NewsOnAir)
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