GST team seizes record of Ludhiana yarn firms

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Tribune News Service
Ludhiana, February 26

The Director General of GST Intelligence (DGGI), Delhi, which in coordination with other teams of the DGGI of Northern India, had conducted surveys on companies dealing in cotton yarn on Monday, has taken the records of many firms into custody.

Highly placed sources in the department maintain that many of them have taken input tax credit on the basis of invoices issued by fake firms/non-existing firms and that, too, without supply of goods. Only invoices have been traded.

The sources said there were about 30-35 companies trading in cotton in the industrial city and many of them were involved in such unethical practices and they were under the radar of the DGGI.

Sharing information regarding surveys by the DGGI, Delhi, Ajay Thapar, CFO, Vardhman Textiles, said the team had come from Delhi and the company provided all the details which they wanted, including the documents, etc. “The teams came to units in Ludhiana and Baddi to verify certain invoices. They have taken the desired records and we cooperated with them. These are all genuine invoices as we have been getting supply from these parties for decades and we rely on them. The claims have been made on genuine invoices and not on bogus ones,” said Thapar.

Source:https://www.tribuneindia.com/news/punjab/gst-team-seizes-record-of-ludhiana-yarn-firms/735284.html

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