Mumbai businessman arrested for GST fraud worth Rs 31 Cr
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The Maharashtra Goods and Services Tax (GST) department on Friday arrested a Vile Parle-based businessman for allegedly causing revenue loss of Rs. 31 crore to the state government by fraudulently claiming input tax credit.
The joint commissioner of Maharashtra GST, Sampada Mehta, confirmed the development.
As per the department, accused Anuj Gupta, who has five firms registered under Maharashtra Goods and Service Tax Act 2017, and other two firms registered in the Union Territory of Dadra and Nagar Haveli, had shown estimated bogus purchases for over Rs272 crore and had availed bogus input tax credit of more than Rs31 crore without actually buying any goods or services.
Input tax credit is an option that allows taxpayers to claim credit for taxes paid on purchase. Issuance of an invoice or bill without supply of goods or services and wrongful availing or utilisation of input tax credit on a bill or invoice, without any supply of goods or services, is a cognizable and non-bailable offence.
The two firms at Dadra Nagar Haveli have even received a refund of more than Rs11 crore from the government. “With the help of the Dadra Nagar Haveli GST officers, it was found that these companies physically possess only 20% of the total stock value that is claimed to be in their possession,” stated a GST officer.
Gupta was produced before a magistrate and has been sent to 14 days of judicial custody. His offences attract imprisonment of up to 5 years with fine as per the Goods and Services Act , 2017.
The joint commissioner of Maharashtra GST, Sampada Mehta, confirmed the development.
As per the department, accused Anuj Gupta, who has five firms registered under Maharashtra Goods and Service Tax Act 2017, and other two firms registered in the Union Territory of Dadra and Nagar Haveli, had shown estimated bogus purchases for over Rs272 crore and had availed bogus input tax credit of more than Rs31 crore without actually buying any goods or services.
Input tax credit is an option that allows taxpayers to claim credit for taxes paid on purchase. Issuance of an invoice or bill without supply of goods or services and wrongful availing or utilisation of input tax credit on a bill or invoice, without any supply of goods or services, is a cognizable and non-bailable offence.
The two firms at Dadra Nagar Haveli have even received a refund of more than Rs11 crore from the government. “With the help of the Dadra Nagar Haveli GST officers, it was found that these companies physically possess only 20% of the total stock value that is claimed to be in their possession,” stated a GST officer.
Gupta was produced before a magistrate and has been sent to 14 days of judicial custody. His offences attract imprisonment of up to 5 years with fine as per the Goods and Services Act , 2017.
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