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TMI BlogTwo arrested for alleged GST fraudX X X X Extracts X X X X X X X X Extracts X X X X ..... Two arrested for alleged GST fraud X X X X Extracts X X X X X X X X Extracts X X X X ..... evasion to the tune of over ₹ 7 crore, in what could be the first arrests under the new indirect taxation regime. CGST Mumbai Central Commissionerate arrested Sanjiv Pravin Mehta, director of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shah Brothers Ispat Pvt Ltd, and Vinaykumar D Arya, director of V N Industries, for availing of "ineligible credit" of ₹ 5.20 crore and ₹ 2.03 crore, respectively, in separate ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ses, the Commissionerate said. The alleged offence committed by Shah Brothers Ispat is non-bailable while that by VN Industries is bailable as the amount is below ₹ 5 crore, it added in the sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tement. It was possible that similar fraud had taken place in several other companies, it said in the statement. "They (the companies) were only exchanging invoices for so-called sale and purch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase. There was only paper and invoice movement, but no actual sale or purchase of goods," the statement said. Investigation revealed that these exchanges were being done with a "malafide in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tention to defraud the exchequer by opening Letters of Credit (LCs) on fake purchase transactions" the statement added. X X X X Extracts X X X X X X X X Extracts X X X X
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