TaxTMI 
TaxTMI 
Two arrested for alleged GST fraud
X X X X Extracts X X X X
X X X X Extracts X X X X
....wo arrested for alleged GST fraud <br>GST<br>Dated:- 1-3-2018<br><BR>Mumbai, Feb 28 (PTI) Directors of two companies were today arrested by the Goods and Services Tax authorities here for alleged tax ....
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 S....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hah 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 cas....
X X X X Extracts X X X X
X X X X Extracts X X X X
....es, 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 stat....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ement. 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 purcha....
X X X X Extracts X X X X
X X X X Extracts X X X X
....se. 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 int....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ention to defraud the exchequer by opening Letters of Credit (LCs) on fake purchase transactions" the statement added.<BR> News - Press release - PIB....