GST Raid: 850 crore turnover in four years, tax deposited only

Categories: GST Recent News, News
No Comments

On suspicion of theft of Goods and Service Tax (GST), the state GST team on Saturday raided the whereabouts of a steel trader based in New Rajendra Nagar. Examination of the documents revealed that the company has done business worth 367 crore since April 2019, while depositing only four lakh rupees in the name of GST. Officers involved in the investigation said that in four years the company has done business of about 850 crores, but collected a nominal tax. The investigation so far has found evidence of large scale tax evasion.

According to GST department officials, the raid was carried out at Sonu Steel office at Millennium Plaza in New Rajendra Nagar. The raids are led by Joint Commissioner of State GST Gopal Varma.

During the raid, the documents of transactions from 2017 to now are being examined. According to the officials, preliminary investigation has revealed a turnover of eight hundred and fifty million rupees. In 2017, only Rs 31 lakh has been collected as GST against the turnover of 155 crores. The same situation continued in 2018.

Read More at: