Sunday, October 25, 2020

DGGI arrests Hyderabad infra firm director for fake invoices

Must Read

T.S reports 978 fresh COVID cases, overall tally rises to 2,31,252

Hyderabad: Telangana reported 978 new COVID-19 cases, taking the overall tally to 2,31,252, while four more deaths pushed the...

Samsung Chairman Lee Kun-hee passes away at 78

Seoul, Oct 25 : Lee Kun-hee, the Chairman of South Korea’s techn giant Samsung Electronics, died at the age...

Bharat Biotech to conduct Phase-3 trials on 26,000 volunteers

Hyderabad: BharatBiotech, which is into developing Covaxin, a vaccine candidate for COVID-19, on Friday said it has successfully completed...

Hyderabad, Sep 24 : The Directorate General of GST Intelligence (DGGI) has arrested the director of a Hyderabad-based infrastructure firm for issuing fake invoices worth Rs 139.93 crore.

According to DGGI Hyderabad zone officials, the accused wrongfully availed and utilised Input Tax Credits (ITCs) to the tune of Rs 19.7 crore.

The accused was produced before a court, which sent him to judicial custody till October 6.

The accused allegedly issued fake invoices without the supply of goods and services.

The company, which is into commercial real estate, IT/ITES services and infrastructure, also availed and utilised ITCs to an extent of Rs 14.9 crore on invoices worth Rs 98.48 crore without receiving any goods or services in violation of the provisions of the Central Goods and Services Tax Act, 2017.

Acting on a tip-off, the sleuths of DGGI conducted searches at several locations in Pune, Mumbai, Chennai, Kurnool and Hyderabad and detected the irregularities.

Searches were conducted at four different locations in Hyderabad, during which officials recovered several incriminating documents, including fake transportation documents related to invoices, which have been fabricated to falsely depict movement, supply and receipt of goods, that too without the provision of a warehouse, with an intent to defraud the government exchequer.

The company has also indulged in circuitous trading of invoices involving entities across India in order to boost the turnover and enhance their Letter of Credit and Overdraft limits, to qualify as bidder for major infrastructure projects.

The agency identified two bank accounts related to the company and provisionally attached them, pending investigation.

The firm’s transactions in other states are also under the radar of the DGGI. The officials questioned key personnel of the company and recorded their voluntary depositions.

Disclaimer: This story is auto-generated from IANS service.

Subscribe us on The Siasat Daily - Google NewsThe Siasat Daily - Google News

Latest News

T.S reports 978 fresh COVID cases, overall tally rises to 2,31,252

Hyderabad: Telangana reported 978 new COVID-19 cases, taking the overall tally to 2,31,252, while...

Samsung Chairman Lee Kun-hee passes away at 78

Seoul, Oct 25 : Lee Kun-hee, the Chairman of South Korea’s techn giant Samsung Electronics, died at the age of 78 here on Sunday,...

Bharat Biotech to conduct Phase-3 trials on 26,000 volunteers

Hyderabad: BharatBiotech, which is into developing Covaxin, a vaccine candidate for COVID-19, on Friday said it has successfully completed an interim analysis of Phase...

Rs 50 crores to be spent on the repair work on roads in Alwal

Alwal: The incessant rains in Hyderabad since the past week have made lives miserable in the city, especially for people living in the low-lying...

RR keen to brighten playoff chances vs Mumbai (IPL Match Preview 45)

Abu Dhabi, Oct 24 (IANS/GloFans) The 2008 Indian Premier league (IPL) champions, Rajasthan Royals (RR), may be placed at the seventh spot at the...

More Articles Like This