Man held for evading GST worth Rs 70 crore

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The goods and services tax (GST) officials have arrested a Bharuch-based businessman for evading the taxes worth Rs 70 crore. Dilip Jain was arrested after GST investigations revealed that he hadn’t registered with the GST department and avoided paying taxes on the financial services he offered.

GST officials said that Jain, whose transactions are to the tune of Rs 450 crore, owns four firms including Genesis Group, Grabdeal International, Grabdeal Advertisement and Tourism LLP and Glamox Solutions Pvt Ltd in Bharuch. “Jain offered financial services and ran multi-level marketing schemes. He used to charges Rs 8,500 from those who joined his firm and gave a fixed return as commission to the members,” a senior GST official said.

“All the services he offered come under GST purview. But Jain didn’t have GST registration and he never paid taxes. Investigations revealed that he avoided paying GST to the tune of Rs 70 crore. This is just an initial amount that may go up in the coming days,” the official told TOI. Jain was arrested by GST officials on Tuesday and his past financial dealings are now being investigated. “We are also examining his business model and how he paid money to the subscribers,” the official said.

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