HYDERABAD: Sandeep Kumar Goel, who allegedly claimed Input Tax Credit (ITC) to the tune of Rs 84.15 crore, was arrested by the Commercial Taxes department and sent to judicial remand.
The officials have been keeping an eye on taxpayers indulging in fraudulent activities under the Goods and Services Tax regime. On Friday, they conducted an investigation into the activities of Sandeep, proprietor of M/s SKG Trading Company (GSTIN: 36AGIPG2480L2Z6). He was found to have availed and passed on ITC on the strength of invoices issued without the underlying supply of goods.
Such fraudulent transactions resulted in the wrongful availment of ITC amounting to approximately Rs 84.15 crore, thereby causing a significant loss to the government exchequer, an official release from the department said on Friday. Several opportunities were given to him to rectify the issue and make good the loss of revenue to the government.
Investigation also revealed that Sandeep, being the proprietor of M/s HFC Steel Tubes & Valves (GSTIN: 36AGIPG2480L1Z7) and partner in M/s Vijay Industrial Needs LLP (GSTIN: 36AARFV6713C1ZZ), was also involved in fraudulently claiming ITC without actual receipt of goods and services for the above companies. The registration of these two entities was cancelled.
The officials of the Taxes department arrested Sandeep under the provisions of the Telangana GST Act, 2017.