Hyderabad, March 13 -- The Commercial Taxes Department of the Government of Telangana have arrested a businessman for allegedly availing and passing on fraudulent Input Tax Credit (ITC) worth about Rs 84.15 crore under the Goods and Services Tax (GST) regime.
According to a press note issued on Friday, officials conducted an investigation based on credible intelligence and detailed data analysis into the activities of Sandeep Kumar Goel, proprietor of M/s SKG Trading Company.
The probe revealed that he had availed and passed on ITC using invoices issued without actual supply of goods, resulting in significant loss to the government exchequer.
Officials said Goel was also the proprietor of M/s HFC Steel Tubes & Valves and a partner in M/s...