Shaurya Sharma
Fatehgarh Sahib. September.25, 2019: A team of the State Goods and Service Tax (GST) headed by Ravneet Khurana IRS Additional Excise & Taxation Commissioner consisting of G.S.Dhanoa AIG Police, Pawan Garg Deputy Commissioner State Taxes Ludhiana Division and Magnesh Sethi Assistant Excise & Taxation Commissioner Fatehgarh Sahib has unearthed bogus billing (fake invoices) scam worth Rs.100 crore involving tax evasion of Rs.19.83 Crore with the arrest of three persons during a raid at the residence and business premises of three firms at Mandi Gobindgarh Asia's biggest steel town today. Those arrested have been identified as Rajinder Bassi Proprietor of Tarun Steel Industries, Tarun Bassi Proprietor of M/s Broadways Sales Corporation and Manish Paul Proprietor of M/s Fortune Alloy & Metals the major kingpins of the tax evasion scam. All the arrested were presented before Judicial Magistrate, who sent them in judicial custody for 14 days.
Addressing the media persons at Mandi Gobindgarh today Pawam Garg Deputy Commissioner State Taxes said that the department got the secret information that a net work of bogus firms was engaged in issuance of fake invoices and passing the bogus input tax credit to various firms in the State. He said after proper investigation the department team raided the premises of three firms M/s Tarun Steel Industry, M/s Fortune Alloy & Metals and M/s Broadways Sales Corporation at Mandi Gobindgarh today. He said it was found that these three firms in connivance with each other issued fake invoices worth Rs.100 Crores involving tax of Rs.19.83 Crore. He said that in these firms there was a cash withdrawal from various banks worth Rs.96.24 Crores. He said these firms have issued bills without actual movement of goods and there is a direct loss to State exchequer of Rs.19.83 Crore.
He said that department has impounded their account books, laptop and mobile phones from their business premises and residences, which shall be further investigated and all the beneficiaries will also be identified. He said that the proceedings u/s 132 of the Act will be initiated against all those who have received these bogus bills to recover the taxes and who have utilised the input tax credit.