Businessman held for GST Fraud of Rs.16 crore

Businessman held for GST Fraud of Rs.16 crore The State Goods and Services Tax (SGST) department detained Thane businessman Shashank Vaidya on Tuesday for allegedly producing bogus invoices worth Rs.88 crore through shell firms, resulting in a R.16 crore revenue loss to the state exchequer. "It was discovered that Shashank Vaidya produced bogus invoices or bills totaling Rs.88 crore through five shell firms, including SS Services controlled by Sayali Parulekar, resulting in a Rs.16 crore revenue loss," a GST official said. Vaidya was arrested under the terms of the Maharashtra Goods and Services Tax Act 2017 by a team led by assistant commissioner of state tax Leenata Chavan. The businessman was brought before the additional chief metropolitan magistrate's court, where he was held in judicial prison until May 31.