The Navi Mumbai Central Good and Services Tax (CGST) office has arrested the proprietor of a steel firm for allegedly claiming input tax credit (ITC) of Rs 10.68 crore in violation of norms. The Navi Mumbai Central Good and Services Tax (CGST) office has arrested the proprietor of a steel firm for allegedly claiming input tax credit (ITC) of Rs 10.68 crore in violation of norms.
According to a statement issued by the department, Navnit Steels, a company that trades in steel and aluminium, has availed and utilised the fraudulent ITC on bogus invoices of Rs 60 crore.
“A team of officers of anti-evasion, CGST, Navi Mumbai conducted enquiry against the firm and found that the taxpayer has availed and passed on fake ITC from various non-existing/bogus firms,” the tax department said in a statement.
The proprietor of the firm has been arrested under Section 69 (1) of the Central Goods and Services Act, 2017 for committing offences under Section 132 (1) (b) &(c), the tax authority said.
A local court has sent the owner of the company to judicial custody for 14 days. In the past four months, the Navi Mumbai CGST office has detected tax evasion of Rs 425 crore, recovered Rs 20 crore and arrested 11 people, the statement added.
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
