IMAX suspected of GST fraud

HYDERABAD: Check twice before you pay for your movie tickets as officials found that in spite of a GST rate reduction from 28% to 18% of movie ticket prices, Prasads Imax in the city continues to hike its prices and illegally pocketing profits. In an internal communique, the anti-profiteering team visiting Prasads which has also filed a plaint with State-screening committee confirmed the same. A senior official said “A ticket of Rs. 150 should have been reduced to Rs 138. Other multiplex have been compliant to revised GST rates.”

CFO of ‘leading company’ arrested for GST evasion
Chief Financial Officer (CFO) of a leading city-based company was arrested Friday by GST Intelligence officials for GST fraud worth `200 crore. During the interrogation, the CFO is said to have admitted to fake invoice fraud and GST evasion involving as many as seven companies. 

Several ‘incriminating’ documents were seized, including copies of fake invoices , said K Balaji Majumdar, the ADG of DGCI, in a release. The arrest is a follow-up of January 18 raids when two other were held in cities of Hyderabad and Vishakhapatnam. Majumdar added that the beneficiaries included “some of the leading infra companies and entertainment industry,”.