Police Report: Sandeep Aggrawal a Chief Managing Director was arrested for GST (Goods and Services Tax) evasion that is worth Rs. 88 crores.
Sandeep Agarwal the Chief Managing Director of M/s Kushal Ltd. was arrested on Monday for showing a wrong input tax credit of Rs. 88.78 crores on bogus invoices that are worth Rs. 672.32 crores without having a receipt of the actual goods.
Commissioner Sachin Gusia of CGST Ahmedabad-South said, “The entire chain of transactions has been found only on papers.”
Commissioner Sachin added, “The statement of Shri Sandeep Aggrawal was recorded wherein he confessed there are no eway bills, LR or transport documents available as there was no physical movement of goods.”
The firm did not purchase or sell any goods, they generated fake receipts to avail the GST input credit.
A lot of firms in the country have used the same tactic to receive a fake input tax credit.
If arrested under such offenses, it is categorized as a non-bailable and cognizable offense under section-132 of the CGST Act 2017.