Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema giving information.
In a major breakthrough, the Punjab GST Department has busted a major fake billing scam in Ludhiana involving fraudulent transactions worth Rs 163 crore in the last two years.
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Finance Minister Harpal Singh Cheema said…
Making the disclosure on Friday, Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema said that investigation has revealed that M/s Monga Brothers (Unit-II), based at Buddewal Road, Ludhiana, was running a complex web of fake firms. , was making fake Input Tax Credit (ITC) and defrauding the government exchequer.
Purchased from 60 fake firms
He said the firm had made purchases from 60 fake firms, which were either suspended or cancelled. Had purchased from suspended or canceled dealers. The minister said that the total turnover of these 60 firms is about Rs 1270 crore.
He said that Punjab GST Department conducted inspection, search and seizure under Section 67 of the Punjab GST Act, 2017 at the business premises of M/s Monga Brothers (Unit-II). The minister said that based on the investigation, the Commissioner of Taxation, Punjab ordered the arrest of the partners of M/s Monga Brothers (Unit-II) under sections 69 and 132 of the Punjab GST Act, 2017.
Finance Minister Harpal Singh Cheema appealed to the business community to cooperate with the department and pay the outstanding taxes. He said that strict action is being taken against tax evaders as per law.