Mumbai: Trading firm director held in Rs 10-crore GST scam

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Central Goods and Services Tax (CGST) officials have arrested a 36-year-old director of a metal trading firm in a Rs 10-crore GST scam. The Thane wing of the CGST arrested Vinit Agarwal, director of Hemraj Devkarandas Metals and Minerals Ltd, for availing Input Tax Credit to the tune of Rs 10 crore by submitting fake invoices. Sources said CGST officials arrested Agarwal after the sessions court rejected his anticipatory bail plea. The court, while rejecting his application, held that in view of the total tax evasion, merely depositing Rs 2.19 crore would not help Agarwal get pre-arrest bail.

The CGST had carried out searches of Agarwal’s residence as well as warehouses and office in Kandivli, Borivli and Kalamboli in Raigad district and seized several documents. Agarwal had claimed ITC on invoices issued by firms without receiving any goods. Officials said the total ITC availed between July 2017 and January 2019 was Rs 10.78 crore out of which the largest chunk of Rs 7.17 crore pertained to three suppliers including Maxgrow Overseas, Madurai Multi Facilities Services and Umesh Udeshi.

Read More at: https://timesofindia.indiatimes.com/city/mumbai/mumbai-trading-firm-director-held-in-rs-10-crore-gst-scam/articleshow/73461494.cms

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