Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » India
1-min read

Madhya Pradesh Tax Dept Detects 285 Firms Involved in Rs 1,150 Crore Fake Businesses

There were no business activities found on the addresses, which was mentioned in the Goods and Services Tax registration.

PTI

Updated:August 1, 2019, 9:35 PM IST
facebookTwitterskypewhatsapp
Madhya Pradesh Tax Dept Detects 285 Firms Involved in Rs 1,150 Crore Fake Businesses
Representative Image. (Photo: Reuters)
Loading...

Indore: Madhya Pradesh governments Commercial Tax Department has detected 285 firms involved in fake businesses of Rs 1,150 crore.

"Under a drive from July 29-31, the spot verification of 680 business firms was carried out. Of these, 285 business firms registered under the GST were found to be bogus," Commercial Tax Departments joint commissioner Sudeep Gupta told PTI on Thursday.

This means, no business activities were found on the addresses, which they mentioned in the Goods and Service Tax registration.

Gupta said the detailed investigation of these firms discovered a fake business of Rs 1,150 crore, which was carried only on paper and by issuing the forged bills in a bid to take benefits of GST's input tax credit.

"At first glance, the estimated tax evasion of around Rs 183-crore was found. However, we are still in the process of confirming these facts," he said.

Gupta said that the process for the cancellation of GST registration of these bogus firms has been initiated.

The joint commissioner said that detailed analysis has also revealed many "dummy" business firms in the state.

These firms were registered in the GST system using the identity and address of other persons rather than their actual owners so that they can take advantage of GST's input tax credits through fraudulent means.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results