UT recovers Rs 1cr tax from bogus firm

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The excise and taxation department of the UT administration has recovered Rs 1 crore from a bogus city-based company registered under the GST regime. RD Trading Company in Burail, Sector 45, was operating only on papers it was not found at the given address and had not been transporting any registered goods. It claimed to deal in sale and purchase of iron and scrap materials. The company was issuing fake bills to provide financial tax benefits in a wrong manner.

“This company was operating for last around one year and we caught it three days back. A total of Rs 2.32 crore tax is estimated to be recovered from it. We have so far recovered Rs 1 crore. The company is cooperating with us,” said a senior official. Recently, the excise and taxation department had traced 132 out of 500 non-existing dealers allotted GST numbers for business. The department had sent notices to them and initiated the process to cancel their GST licenses.

Read more at: https://timesofindia.indiatimes.com/city/chandigarh/ut-recovers-rs-1cr-tax-from-bogus-firm/articleshow/71039965.cms