Saturday, Nov 27 2021 | Time 13:10 Hrs(IST)
Business Economy

MBA graduate from UK part of Rs 134 crore GST fraud racket, nabbed

New Delhi, Oct 13 (UNI) The Central Goods and Services Tax (CGST) Commissionerate in Delhi East has busted a racket of fictitious exporters claiming they availed and utilised fake Input Tax Credit (ITC) of Rs 134 crore.
Ministry of Finance in a press note said that the network of fictitious exporters was being operated by Chirag Goel, an MBA from University of Sunderland, UK.
"On an extensive analysis of the e-way bills generated by two supplier firms/companies owned by his associate, who is at large, it was found that the vehicles for which the e-way bill were generated for purported supply of goods were being used in distant cities namely Gujarat, Maharashtra, Madhya Pradesh and had never entered Delhi during the said period," the Finance Ministry said.
As per the statement, Chirag Goel masterminded a deep-rooted conspiracy to defraud the government and committed offences specified under Section 132(1)(c) of the CGST Act, 2017 which are cognizable and non-bailable.
"He has been remanded to judicial custody by the Metropolitan Magistrate Patiala House Courts, New Delhi, for a period 14 days till 26.10.2021. Further investigation in the case is under progress," it said.
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27 Nov 2021 | 12:28 PM

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I-T raid on Ludhiana-based real estate firms, Rs 2 crore cash seized

I-T raid on Ludhiana-based real estate firms, Rs 2 crore cash seized

27 Nov 2021 | 11:59 AM

New Delhi, Nov 27 (UNI) Conducting search operations on two major real estate developers of Ludhiana, the Income Tax (I-T) department has seized unaccounted cash of about Rs 2 crore besides foreign exchange, and unexplained jewellery of about Rs 2.30 crore.

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India GDP projected to grow 8 pc in Q2, FY 22: EY Economy Watch

26 Nov 2021 | 11:42 PM

New Delhi, Nov 26 (UNI) Ahead of India’s Q2 FY22 GDP numbers lined up for release by the end of November, a monitoring of India’s macro-fiscal performance in a private survey shows India on course to achieve a growth of 9.5% plus in FY22 with 8% growth in 2QFY22, supported by expansion in PMI manufacturing for the fourth successive month in October 2021, increase in PMI services to a high of 58.4 and GST collections remaining above the benchmark level of Rs 1.0 lakh crore for the fourth consecutive month in October 2021. The Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors.

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Development of Dharwad under Bengaluru-Mumbai industrial corridor put on fast track

26 Nov 2021 | 11:28 PM

New Delhi, 26 Nov UNI) The Government has prioritised the development of Dharwad Industrial Area in Karnataka under the Bengaluru-Mumbai Industrial Corridor (BMIC) project for achieving accelerated development and regional industry agglomeration.

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