|
Investigations
have revealed that without actually buying or selling
goods, only false bills have been issued. According to a
release issued by the department, eight firms in the city
had without buying or selling issued bills of about Rs 80
crore.
Due to this, the VAT department has not approved the input
tax credit claimed by those firms who had procured these
false bills. These firms will be charged penalty as well
as interest by the department. If other companies who have
procured false bills come forward and file revised returns
proactively reduce the credit claimed earlier then they
would not have to pay the interest.
This would also prove their bonafides if in case they have
got false bills due to oversight.
Those caught in the crackdown Company Estimated amount (Rs
Crore) Kamal Enterprise 18 PK Enterprise 17
Maheshwari Traders 9.5 Vinay Trading Company 7.5 Devi
Impex 6.5 Siddharth Corporation 5 Parikh Agency 3.5
Mahalaxmi Marketing
3 (According to a VAT department release).
Source
: Times of India - India, dated 23/10/2008
|
