Following a search and seizure operation conducted across 14 firms in Gujarat involved in copper trading, the state GST officials arrested one person for evading goods and services tax (GST) to the tune of Rs 19.5 crore.
Sandeep Anwar Virani, the partner at Fortune Copper Industries based in Surat, was arrested for his alleged involvement in the crime. The court of the chief judicial magistrate granted Virani’s remand for interrogation until Saturday (Nov 16).
Based on specific intelligence and subsequent analysis, search and seizure action was initiated by the state tax department on Monday against 14 traders dealing in copper at Surat, Rajkot, Bharuch, Vapi, Junagadh, and Bhavnagar. During the investigation, it was found that the firms committed large-scale tax evasion by showing bogus purchases of copper.
During the operation, four bogus entities were also found, and the total tax evasion detected was over Rs 48 crore. Input Tax Credit (ITC) amounting to Rs 1.93 crore was blocked, and attachments to the tune of Rs 4.46 crore were effected to secure govt revenue.
Source #ToI