Lucknow: Two businessmen have been arrested from Kanpur for evading tax worth over Rs 60 crore.
Accused Manoj Kumar Jain and Chandra Prakash Tayal were the owners and promoters of various firms that helped companies evade Goods and Services Tax (GST).
A statement issued by the director general of the GST Intelligence, Lucknow unit, stated that searches were conducted at various locations in Kanpur of firms owned and managed by the accused, which resulted in detection of bogus billing under GST to pass on wrong Input Tax Credits (ITC).
It was also found that the accused were issuing bogus bills for supply of cement, bitumen, raw hides, plastic granules, BOPP films and metals without the supply of any goods or services. Such invoices were issued with the intention of passing the benefits of ITC to their clients.
In the last one year, the accused issued bogus invoices worth Rs 400 crore, which involved GST evasion of about Rs 60 crore. They also connived with transporters to get a bogus consignment date to show movement of goods on paper and created fake e-way bills. The duo payments through RTGS for the bogus supply of goods and returned the amount in cash after deducting their commission.
source:- news18
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