GST Dept Uncovers Bogus ITC Worth Rs 50 Lakh During Raid on Maha Lakshmi Steel

A major operation conducted by the Special Investigation Branch (SIB) of the GST Department, at Maha Lakshmi Steel, Gular Road, Aligarh, has discovered fake ITC claims of Rs 50 lakh. The Operation was conducted between 11 am and 4 pm. The investigation team has seized goods worth Rs 15 lakh.

The accused firm, Maha Lakshmi Steel, supplies iron scrap and operates in many states, including Uttar Pradesh and Punjab. As per the SIB Assistant Commissioner Shivkumar Singh, the preliminary scrutiny suggested that Maha Lakshmi Steel fraudulently claimed ITC using fake invoices without any actual purchases of goods or services. The investigation team also found goods that did not have any valid documentation. As per the SIB Assistant Commissioner, Goods worth Rs 1.5 million were seized.

At the firm’s premises, the investigating team uncovered many raw invoices and documents related to the purchases and sales, which were seized by the team. These documents will help in initiating further action against the firm for evading taxes.

The other connected firms that have shown purchases and sales of goods from Mahalaxmi Steel will also be investigated to uncover the whole network of tax evasion.