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Bitumen dealer held in GST fraud - GST Station

Bitumen dealer held in GST fraud

Bitumen dealer held in GST fraud

    A bitumen dealer living in Pratapgunj locality was arrested and sent to judicial custody on Wednesday for committing a GST fraud to the tune of Rs 8.4 crore.

    State GST officials had conducted a search and seizure operations in the premises of AB Petrochem in Ranoli on July 10. The company is owned by Bharatkumar Kotak. During search operation, officials found several invoices which were provided by Ahmedabad-based Akshat Enterprise. When officials investigated Akshat Enterprise, it came to light that the firm did not make any actual purchase and sell of bitumen but was only procuring purchase invoices and providing sale invoice to different companies. AB Petrochem was one of the companies. According to GST officials, Kotak used to pay different amounts to the owner of Akshat Enterprise for the fake invoices.

    Investigations revealed that AB Petrochem had cooked its books of accounts for financial years 2017-18 and 2018-19 by showing a purchase of material worth Rs 55.9 crore. The firm submitted the forged invoices to the tax department and took tax credit of Rs 8.4 crore for the same period. Based on the irregularities, the state GST department arrested Kotak and produced him before chief judicial magistrate on Wednesday.

    Source- Times of India.

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