Company Proprietor Held in Hyderabad for Causing Rs.84.15 Cr to Exchequer
The department said prompt action will continue to be taken against persons involved in fraudulent ITC claims, fake invoicing, and other violations of GST laws
Hyderabad: The commercial taxes department has arrested Sandeep Kumar Goel, proprietor of SKG Trading Company, for allegedly availing and passing on Input Tax Credit (ITC) on the strength of invoices issued without any underlying supply of goods.
The department said the fraudulent transactions led to wrongful availment of ITC of about `84.15 crore, causing substantial loss to the government exchequer. In a statement issued here on Friday, it said several opportunities had been given to Goel to rectify the matter and make good the revenue loss.
The investigation also found that Goel, as proprietor of HFC Steel Tubes and Valves and partner in Vijay Industrial Needs LLP, was allegedly involved in claiming ITC fraudulently without actual receipt of goods and services for the two firms, the statement said. The registrations of both entities have been cancelled.
Citing the gravity of the offence, commercial taxes officials arrested Goel under the provisions of the Telangana GST Act, 2017, after following due legal procedure. He was produced before the competent judicial authority and remanded to judicial custody on Friday.
The department said it would continue to take prompt action against persons involved in fraudulent ITC claims, fake invoicing and other violations of GST laws. It reiterated its commitment to a transparent and fair tax system that contributes to ease of doing business in the state. Further investigation into SKG Trading Company is underway, the statement added.
