The managing director of a company at Rajam was arrested by the Visakhapatnam Zonal unit of the Directorate General of GST Intelligence (GSTI) under provisions of GST laws on Wednesday for allegedly receiving fake invoices without receipt of goods from various companies and issuing fake invoices without supply of goods, involving more than ₹22 crore of GST.
‘Fake invoices’: Searches were conducted at various places in Rajam, Visakahaptnam, Vizianagaram and Hyderabad and incriminating documents recovered. The MD of the company reportedly admitted that it had received only invoices without receipt of goods and availed input tax credit of ₹8.94 crore and also issued fake invoices without supply of goods to other companies involving GST of ₹13.85 crore, DGGI Joint Director Mayank Sharma said in a press release here.
‘Inflated turnover’: He also reportedly admitted that the company sought to inflate its turnover artificially to receive bank loans fraudulently. He was remanded in judicial custody till February 13.
Read more at: https://www.thehindu.com/news/national/andhra-pradesh/company-md-arrested-on-charge-of-gst-fraud/article26132733.ece