HYDERABAD: Rajkumar Rekhya Roopsing Nayak, the managing director of Sri Kavya Mining Infrastructures Pvt Ltd, was arrested for reporting turnovers and taxes in Goods and Services Tax Return (GSTR) - 01 and not reporting the same to an extent of Rs 18.55 crore in GSTR-3B returns.He was sent to judicial custody by the court for economic offences. Further investigation is under process to further identify the actual masterminds behind the scam, officials said.
When officials verified the GST returns, it was revealed that Sri Kavya Mining Infrastructures issued GST invoices without paying taxes to the government to the beneficiary companies who availed the input tax credit (ITC) based on the strength of such GST invoices. The company routed the transactions without actual payment and issuing GST invoices in passing on the ITC credit, who have actually availed the input tax credit. Based on such GST invoices, the beneficiary companies utilised the same for payment of tax through credit account resulting in loss of revenue to the government exchequer.
The company wrongfully availed ITC which is not available GSTR-2A to the true Rs 4.12 crore. The above two issues leads to wrongful availment of irregular credit which is in violation of the provisions of the TGST Act of 2017 or the rules made there under leading to wrongful availment of Input tax credit (ITC) by them, TK Sreedevi, commissioner of commercial taxes said.The modus operandi adopted by Rajkumar is that he indulged in claiming of wrong ITC and issued fake GST invoices and passing on input supply of goods and services to others.
from The New Indian Express - Telangana - https://ift.tt/vryCWDG https://ift.tt/8ty6FsR
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