Quick Summary
In a major operation against tax evaders, the GST wing of the Taxation Department, Punjab, on Monday arrested four persons for a fraud of Rs 48 crore from Jalandhar. The accused were allegedly running fake firms related to iron scrap and had obtained GST registrations only to claim input tax credit (ITC) fraudulently by issuing only invoices without the supply of actual goods. A spokesperson for the Taxation Department said accused Pankaj Kumar, was allegedly running firms PK Trading C
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FAQ :
The GST fraud involved a sum of Rs 48 crore.
Four people were arrested for the GST fraud.
The accused allegedly ran fake firms, primarily in iron scrap, to obtain GST registrations and fraudulently claim input tax credit (ITC) by issuing invoices without actual goods being supplied.
The fake firms were used to fraudulently obtain and pass on input tax credit (ITC), allowing other taxpayers to adjust their liabilities and thus defrauding the state exchequer.
All four accused individuals are residents of Jalandhar.
The fraudulent trading primarily involved iron and plastic scrap.
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