An FIR has been registered against two Gurugram-based private firms for their alleged involvement in the huge bogus transactions under the VAT regime. A Special Investigation Team (SIT) has also been constituted to probe the matter.
The two firms have been identified as M/s Vipin Enterprises and M/s Uma Traders.
M/s Vipin Enterprises was found claiming Input Tax Credit (ITC) in VAT to the tune of ₹41.78 crore and of Central Excise to the tune of ₹7.37 crore to a total of ₹49.16 crore, said Excise and Taxation Department spokesperson.
On the other hand, M/s Uma Traders had claimed ITC in VAT to the tune of ₹42.38 crore and in Central Excise to the tune of ₹8.05 crore to a total of ₹50.43 crore through TRAN-1 furnished in the month of September 2017 under the GST regime, he added.
The spokesman said that M/s Vipin Enterprises was found making fraudulent claims of ITC on intra-State purchases in a web of operations with many other firms. He said that the enterprise was not traceable at given address and proprietor of the firm Vijay could also not be traced.
M/s Uma Traders was registered under VAT Act with liability to pay tax with effect from September 25, 2014, the spokesperson added. It had filed the first, second and third quarterly return for 2015-16 and declared a turnover of ₹3.03 crore, nil and ₹43.92 crore respectively.
He said that no return for the assessment year 2016-17 and first quarter of assessment year 2017-18 had been filed. Also, the dealer neither paid any tax in all three quarters nor did he pay tax on value enhancement that is VAT, he said.
‘Value enhancement’
Moreover, in first quarter, value enhancement as shown through sales are very much high as compared to the purchases made which is not possible in normal business practice.
He added that an internal inquiry is also being conducted to identify the employees who had colluded in the registration of these entities or otherwise. He said that strictest possible action would be taken against them.
