Commercial Tax officials have arrested MD of a company in connection with 18.5 crore good and services tax irregularities. The company is allegedly involved in issuing fake GST invoices and availing input tax credit (ITC).
“On verification of GST returns, it was found that Sri Kavya Mining Infrastructures Private Limited had issued GST invoices without paying taxes to the government and beneficiary companies availed ITC based on these GST invoices. The firm is routing the transactions without actual payment and issuing GST invoices in passing on ITC credit, who have actually availed ITC based on such GST invoices.
“The beneficiary companies utilized the same for payment of tax through credit account, resulting in loss of revenue to exchequer,” Sridevi added. Kavya Mining had availed wrong ITC, which was not available in GSTR-2A, to the tune of 4.12 crore.
Source: The Times of India
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