Trader held for Rs.68 crore GST evasion

The CGST’s preventive department, Rajkot, arrested a brass and copper scrap trader in Jamnagar for alleged tax evasion of Rs. 67.72 crore.

Parag Hariya, the proprietor of the scrap trading firm, had taken GST registration since 2017 but was involved in issuing and receiving fake invoices for the last two years. Brass attracts an 18% tax.

The bogus bills were used to claim input tax credit, bring down manufacturing costs, and evade income tax by showing more expense.

Read more at : The Times of India