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GST officials detect tax fraud of Rs 224 cr by 8 companies

Officials of the Hyderabad Central GST have detected an alleged tax fraud of Rs 224 crore based fake invoices generated worth Rs 1,289 crore by a group of eight companies involved in the trade of iron and steel products. A key suspect involved has been arrested and Rs 19.75 crore was recovered from him. Several documents were recovered during the simultaneous searches conducted at the residential and business premises of these companies on Tuesday night. The companies have been generating fake invoices without actual supply of TMT bars, MS bars, MS flat products, among others.

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