Hyderabad's Lift Market involved in GST Evasion worth more than Rs.100 Crore:

Hyderabad's Lift Market involved in GST Evasion worth more than Rs.100 Crore The lift supply market in Hyderabd State has been linked to an annual GST evasion scam of around Rs. 100 crore to Rs. 200 crore. According to industry sources, there are several suppliers who provide lifts and elevators to customers without issuing bills. These suppliers use GST numbers and source assembled lift parts from other states as well as local manufacturers. The evasion happens when these suppliers fail to pay the required GST based on the difference between their procurement costs and the price they charge to consumers, basically the selling price. Simply put, these suppliers claim GST refunds since the source companies report the purchases assigned to the suppliers to the commercial taxes department. However, the same suppliers do not issue invoices to customers. According to industry insiders, the difference between these two transactions ends up in their pockets rather than paying taxes to the government. Sources indicated that despite being aware of such conduct, no action is being taken. "Bringing the Telangana Lift Act will put an end to this practice and provide revenue to the govt," a source said.