Ludhiana: The Directorate General of GST Intelligence (DGGI) in Punjab’s industrial city Ludhiana on Saturday said it has found that six business entities based in Mandi Gobindgarh in Fatehgarh Sahib district were involved in illegal sale of Rs 647.4 crore, leading to Goods and Services Tax (GST) evasion of Rs 116.5 crore. Three owners of the six business entities have been held in Punjab for GST evasion.
The names of the business entities are Bharat Steel Industry, Ramji Concast, A.K.M. Alloys, K.T.B. Alloys, Shree Salasar Balaji Steel Tubes and Shree Salasar Steel Tubes & Company.
They were manufacturing billets and trading pipes.
The investigation by the DGGI unearthed and seized incriminating evidence against these entities, an official statement said.
These were further corroborated in the voluntary statements made and admitted by partners and employees of these business entities.
The companies removed goods worth Rs 388.8 crore leading to GST evasion of Rs 69.8 crore.
They were also found to have been involved in fake invoicing of Rs 258.5 crore, leading to GST evasion of Rs 46.5 crore through fraudulent availment and utilisation of fake Input Tax Credit from non-existent and fictitious business entities.
On May 2, the DGGI Ludhiana placed under arrest the three men who owned and controlled these business entities for their acts, leading to GST evasion of Rs 116.5 crore.
The three arrested men have been sent to judicial custody.
The DGGI is the Government of India’s premier Intelligence and investigating agency for GST tax evasion, functioning under the Ministry of Finance.
In order to tackle the menace of GST evasion, the DGGI develops Intelligence, especially in new areas of tax evasion, through advanced tools for data analytics besides using its Intelligence network across the country to collect such information.
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