A massive operation carried out by the Punjab Goods and Services Tax (GST) Department leads to the confiscation of 51 trucks transporting scrap and steel merchandise lacking valid invoices, e-waybills, and other necessary documentation for tax evasion.
The officials and team members of the State GST (SGST) department initiated the inspections at various checkpoints where trucks laden with scrap and steel are physically examined, and accompanying documents are reviewed.
According to the department, the 51 trucks did not carry required documents including e-way bills and invoices which are mandatory. It is anticipated that the officials will impose heavy penalties on the operators or owners of the trucks. Also, it was found that these trucks were evading huge amounts of taxes.
Recently, the Uttarakhand Goods and Services Tax Department reported that the phoney Input Tax Credit (ITC) was used to evade taxes of around 5 crores. According to the department, businesses were using fraudulent ITC claims submitted on fake paper bills to reduce their GST obligations.
Read More: Uttarakhand GST Dept. raid on Companies unearths Tax Evasion of ₹5 crores availing Bogus ITC
Regarding tax evasion, the Income Tax department has uncovered evasion of more than Rs 15,000 crore as it completed the investigation into alleged malpractices in the payment of commissions by insurance companies.
Read More: Income Tax Department Finds Alleged Tax Evasion Worth Rs 15,000 Crore by Insurance Companies
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