Tax Evasion: TMT bar companies were evading tax, cases worth Rs 730 crore caught

Various companies manufacturing TMT bars were evading taxes on a large scale and this was causing huge losses to the government exchequer. The tax department has so far detected tax evasion of Rs 730 crore, which includes several companies manufacturing TMT bars.

Rs 200 crore recovered

An ET report Quoting officials, it has been told that DGGI has detected tax evasion of Rs 730 crore. TMT bar manufacturing companies were claiming input tax credit by submitting fake invoices. The Director General of Goods and Services Tax Intelligence (DGGI) has sent a notice to eight TMT companies last week regarding this. About Rs 200 crore has also been recovered from the companies.

Notices sent to 8 TMT companies

It is being told that some companies manufacturing TMT bars neither declare the inventory. Neither was she paying GST, but the goods were being supplied. In this way, they evaded tax worth about Rs 730 crore, in connection with which notices have been sent to 8 TMT companies.

Case of claiming fake input tax credit

About this Meerut unit of DGGI had received intelligence information. DGGI was told that many TMT bar companies are filing documents in the name of companies which in reality do not exist. In this way, input tax credit was being claimed by TMT bar companies by submitting fake documents in the name of non-existent companies.

Search in Meerut and Muzaffarnagar

After getting the information, DGGI Investigated TMT companies, which revealed tax evasion worth crores. In this connection, searches were conducted at many manufacturers and dealers located in Meerut and Muzaffarnagar of Uttar Pradesh. After that goods worth Rs 800 crore were seized.

Tax evasion was being done in this manner

It is being told that in such cases the companies are charging per tonne instead of per piece. She was taking orders accordingly and outsourced the transportation work. At present it is believed that tax evasion was being done in this manner in Delhi and surrounding areas only. However, the tax department is also investigating in the rest of the country.

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