Three arrested for Rs 150 crore GST evasion

CHENNAI: Three businessmen were arrested by the Directorate General of GST Intelligence in connection with alleged clandestine clearance of TMT bars worth Rs 834 crore which has led to GST evasion of Rs 150 crore. The arrest was a result of a recent search operation against the three involved in TMT bar supply. Investigation revealed that they have been indulging in illicit clearance without invoices. The payments were received fully in cash and not declared to the GST authorities, said a press release from DG GST Intelligence. These fraudulent activities were being systematically managed from a secret location away from the registered business premises to escape the department’s attention. The investigation unearthed the massive illegitimate clearances made at different stages of the supply chain without payment of GST, the press note added.