Businessman held for tax evasion in Hyderabad

Tax officials said the company was involved in availing input tax credit (ITC) without actual receipt of goods and also passing it to others without actual supply of goods which is illegal.

Hyderabad: Telangana Commercial Taxes Department officials from Abid Road zone arrested one of the directors of Bengal Cold Rollers Private Limited for allegedly defrauding government revenue (GST evasion) to the tune of Rs 5 crore as revealed on primary inquiry on Thursday.

Tax officials said the company was involved in availing input tax credit (ITC) without actual receipt of goods and also passing it to others without actual supply of goods which is illegal.

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A house search of the directors of the company by the tax officials recently found incriminating material like slips, hand written books and documents. Further investigation is under process to detect any other frauds committed by him.

Commissioner of State Tax, T.K.Sreedevi warned tax payers who are indulging in tax evasion of strict action against them.