GST and I-T officers conduct joint searches at a company based in Indore; detect tax evasion
New Delhi, July 3 () The GST and income tax officers conducted a joint search operation at the facilities of Paper Trade Links Pvt Ltd, based in Indore, and detected GST evasion of 1.25 million rupees. , in addition to cash deposits of 30 million rupees in bank accounts in the last couple. of months.
According to sources, GST officers on June 26, 2019 searched the facilities of the entity, which is a false signature opened for the sole purpose of issuing false invoices and approving a fraudulent tax credit.
The modus operandi followed by the entity was the sale of goods (papers of different sizes) without issuing tax bills and without paying GST on supplies.
During the search operation, tax officials found several incriminating evidence, including the parallel records maintained by the company and seizure shipments seized without a tax bill.
During the search operation, the party also admitted to having been subject to tax evasion, the sources said.
GST officers during the operation also found Rs 1.09 million in cash and reported to the Department of Income Tax. During the course of the investigation, the I-T officials found that the company has deposited Rs 30 million dollars in bank accounts during the last months and now the I-T returns of the last years are being analyzed.
Although the exact amount of tax evasion has yet to be determined, preliminary research suggests that Paper Trade Links evaded about 1.2 million rupees of GST by supplying goods without invoices, the sources said, adding that it is likely that amount increase significantly after a detailed investigation.
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