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Telangana steel factory MD arrested in GST fraud

Steel News - Published on Mon, 21 Jan 2019

Image Source: New Indian Express
The Hindu reported that the managing director of a leading iron and steel company with multiple manufacturing units in Telangana was nabbed by the Hyderabad GST Commssionerate for fraudulently availing input tax credit to the tune of INR 4 crore. The Hyderabad GST Commissionerate, after searches conducted at two premises of the factory and residences, respectively, of a leading iron and steel firm having a INR 600 crore turnover per annum, arrested the managing director, who availed illegal input tax credit of around INR 4 crore on the strength of fake invoices, to the extent of INR 45 crore issued by three shell companies, two of them based at Kadapa and one at Rajahmundry.

A senior GST Commissionerate official told The Hindu on Saturday that recovery of INR 3 crore has been made and it is first-of-its-kind case in Telangana and Andhra Pradesh States, wherein the ultimate beneficiary, who could possibly be the architect of all these shell companies has been arrested and immediate recovery has been made.

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Posted By : Rabi Wangkhem on Mon, 21 Jan 2019
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