Maharashtra SGST Department Arrests Firm Director in ₹30.5 Crore GST Fraud
Date: December 23, 2024
Category: GST Recent News
Read Time: 4 Minutes
The Maharashtra State Goods and Services Tax (GST) Department apprehended Sahil Lakhani, director of Palghar-based Shree Sushma Ferrous Alloys Pvt Ltd, for his alleged involvement in a ₹30.5 crore GST fraud through fictitious transactions.
Details of the Case
- Fraudulent Input Tax Credit (ITC)
The company fraudulently claimed ITC worth ₹30.5 crore by declaring transactions valued at ₹170.3 crore. However, investigations revealed these transactions occurred without any actual supply of goods.
- Arrest and Legal Proceedings
The SGST department arrested Sahil Lakhani on Wednesday after conducting a detailed investigation. Moreover, officials emphasized that such actions are crucial to curbing tax evasion and ensuring compliance with GST laws.
Broader Implications
- Crackdown on Tax Evasion: This arrest highlights the government’s proactive stance in detecting and penalizing fraudulent activities under the GST framework.
- Message to Businesses: The enforcement sends a strong warning to firms engaging in similar malpractices, reiterating the strict vigilance of tax authorities.
- Economic Impact: High-profile cases like this directly affect government revenue collection while undermining the integrity of the GST system.
Furthermore, the Maharashtra SGST department continues to address GST-related frauds, promoting fairness and compliance across the state.
Source: The Times of India (TOI)
