Two businessmen held for Rs 76 crore GST fraud - GST NEWS
MUMBAI: The anti-evasion wing of GST on Saturday arrested two businessmen Shailendra Jayantilal Khona from Mulund and Rakesh Boob alias Lakhan from Bhayander for fraudulently availing input tax credit of Rs 76 crore based on fake purchases.
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A businessman can cut his tax liability by claiming credit to the extent of GST paid on purchase. Traders often submit fake invoices or purchase bills to claim credit.
Khona has said his most of his transactions were in cash and to adjust cash transactions, he issued bills in the name of firms existing only on paper.
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These firms then transferred money through RTGS which Khona returned after deducting commission. Officials during raids found that suppliers existed only on paper. Lakhan assisted Khona in the fraud.
source:- Times of India
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