One held in TN for Rs 35 crore GST evasion

Source : IANS
Author : IANS
Last Updated: Tue, Oct 1st, 2019, 16:26:44hrs
One held in TN for Rs 35 crore GST evasion

Chennai: One person has been arrested in Tamil Nadu for Rs 35 crore tax evasion, according to a Central Excise Department statement here on Monday.

The person belonged to Ambur, a hub of leather industries, in the Vellore district.

According to the statement, the person and his accomplices had floated around 35 shell companies and had taken GST registration misusing KYC (know your customer) documents of several individuals.

It was done to receive and issue tax invoice worth Rs 250 crore without any actual receipt or supply of goods.

They issued fraudulent receipts, passing on the Rs 35 crore input tax credit along the supply chain. As a result, several manufacturers and service providers evaded GST, which would have accrued to the exchequer.