Raipur, 2 June<\/p>\n
On 31 May, the State GST Department, Jagdalpur, conducted an inspection at the business premises of M\/s Arihant Steel, located in Narayanpur district, Narayanpur. Upon arrival, the inspection team found that no accounting books or software such as Tally were being maintained at the premises, which is mandatory under GST provisions. The businessman stated that all invoices were issued by their tax consultant, raising further suspicion of tax evasion.<\/p>\n
Further investigation revealed that from financial year 2021\u201322 to 2024\u201325, the total turnover was over \u20b916 crore, but only \u20b943,000 in tax had been paid in cash during this period.<\/p>\n
Additionally, on checking the e-way bills, it was found that goods worth \u20b98.21 crore were purchased during the same period, but no e-way bills had been issued for the supply of goods. This indicates that the goods were sold to end consumers, but invoices were issued in the names of other businesses to claim bogus input tax credit. This has led to significant loss of tax revenue to both the central and state governments.<\/p>\n
During the investigation, the businessman admitted to his mistakes and expressed willingness to voluntarily pay \u20b910 lakh in taxes. However, the GST officials demanded the production of accounting records and other documents supporting the stock found at the premises, which was valued at approximately \u20b990 lakh. No information or documents were submitted by the businessman.<\/p>\n
Furthermore, the businessman tried to exert pressure on the inspection team by calling in known media personnel and fellow businessmen. Due to the non-cooperative behavior of the businessman and the need for detailed investigation into the tax evasion, the business premises have been sealed in the presence of local police until further proceedings.<\/p>\n","protected":false},"excerpt":{"rendered":"
Raipur, 2 June On 31 May, the State GST Department, Jagdalpur, conducted an inspection at…<\/p>\n","protected":false},"author":1,"featured_media":73,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,36,6],"tags":[],"class_list":["post-20799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cg","category-latest","category-others"],"yoast_head":"\n