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GST intelligence detects Rs eight cr fraud in gold bullion market in Vizag

VISAKHAPATNAM: The city-based zonal unit of the director basic of GST Intelligence busted a significant pretend enter tax credit score racket within the gold bullion market and arrested one individual on  Saturday. He has been remanded to judicial custody.

Joint director Mayank Sharma stated right here in a launch that numerous dummy and non-operating corporations have been created with fictitious addresses in and round Guntur. They have been recognized and simultaneous searches have been carried out at numerous locations in Andhra Pradesh. These searches revealed that the racketeers have handed on pretend credit score of round Rs eight crore to numerous bullion buying and selling within the State. The kingpin, a 25-year-old from Guntur, was traced after sustained investigation and arrested.


The officers additionally connected gold and silver price Rs 1.eight crore to guard the federal government income. Further investigation was on, the discharge stated.

GST officers lately intensified their efforts to curb pretend ITC rackets, which led to a number of tax evasion. In November alone, seven circumstances have been booked involving detection of 32 dummy and non-existing GST registrations. These detections concerned pretend transactions to the tune of Rs 400 crore, together with obligation evasion of Rs 28 crore. Two folks have additionally been arrested in these circumstances.

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