FM Cheema Warns tax Evaders of Strict Action in Accordance with Law
Punjab Newsline, Chandigarh, December 13-
In a major breakthrough, the Punjab GST Department has unearthed a massive bogus billing scam in Ludhiana, involving fraudulent transactions worth Rs. 163 crores over the past two years.
Revealing this here today, Punjab cabinet minister Harpal Singh Cheema said that the investigation revealed that M/s Monga Brothers (Unit-II), Buddewal Road, Ludhiana, was operating a complex web of fictitious firms, creating fake Input Tax Credit (ITC) and defrauding the state exchequer. He said the firm had made purchases from 60 bogus firms, which were either suspended, cancelled, or had made purchases from suspended or cancelled dealers.
The Minister said the total turnover of these 60 firms is approximately Rs. 1270 crores. He said the Punjab GST Department conducted an inspection, search, and seizure under Section 67 of the Punjab GST Act, 2017, at the business premises of M/s Monga Brothers (Unit-II).