Three TMT bar suppliers were apprehended by the GST intelligence unit for conducting illegal business to the tune of Rs.834 crore, resulting in GST evasion of Rs.150 crore.
Using this data, the intelligence team on Thursday launched a simultaneous search operation at the homes of three high-profile tax payers who are involved in the supply of TMT bars.
According to the inquiry, the three organisations were engaging in the illegal clearance of TMT bars on a regular basis without providing appropriate invoices. All monies from such transactions were collected in hard currency and not reported to GST offices.
These fraudulent activities were being orchestrated from a hidden location far from the official place of business in an effort to evade detection by the relevant authorities.
The audits uncovered numerous fraudulent clearances made across the supply chain without Tax being paid. Many damning documents related to these organisations were found on the premises and were retrieved. Three suspects have been taken into custody, and the investigation continues.