GST agents unearth Rs 150 crore cash in businessman’s house UP


GST agents raided the residences of partners of UP-based Odochem Industries on Friday and dug up more than 150 crore rupees, as well as the premises of the factory of brand maker Shikhar Pan Masala and a carrier accused of under-invoicing and tax evasion.

The premises of the factory of Trimurti Fragrance Pvt Ltd, manufacturers of branded products Shikhar Pan Masala and tobacco, and the offices / godowns of the haulier Ganpati Road Carriers were raided and “tax duties” of more than 3 Rupee crores have been recovered, the finance ministry said in a statement. .

The residential premises of Kannauj-based Odochem Industries, which supplied perfume compounds, mainly in cash, were also raided on suspicion that the proceeds of the sale in cash had been hidden on the premises.

During the search of the living quarters, a huge amount of money, wrapped in paper, was found. The cash counting process has been started with the help of officials at the State Bank of India, Kanpur, which could continue until Friday evening. The total amount of cash is expected to exceed Rs 150 crore, the ministry said.

The agency is proposing to seize the money under the provisions of the Goods and Services Tax (GST) law, pending further investigations, he added.

On specific intelligence, agents from the General Intelligence Directorate of GST (DGGI) of Ahmedabad, with the support of agents from the local central GST, launched search operations in Kanpur on 22.12.2021. Research operations covered the premises of the factory of M / s Trimurti Fragrance Pvt Ltd, Kanpur, the manufacturers of branded products Shikhar Pan Masala and Tobacco, and the offices / godowns of M / s Ganpati Road Carriers, Transport Nagar, Kanpur, involved in the transport of goods, ”said an official statement.

“An amount of Rs 3.09 crore has been recovered so far for taxes,” he added.

According to information received by GST officers, the manufacturer was involved in the clandestine supply of goods without payment of applicable tax.

The transporter used to generate several invoices on behalf of non-existent companies, all less than Rs 50,000 for a full truck load, in order to avoid the generation of electronic invoices when moving goods.

The carrier also received the proceeds from the sale of this clandestine supply in cash and returned it to the manufacturer, after deduction of his commission.

Officers first intercepted and seized 4 of these trucks outside the factory premises, evacuated from the factory without invoices or E-way Bills.

On the premises of the factory, during the physical inventory, a shortage of raw materials and finished products was noted because the finished products had been illegally cleared.

The company’s authorized signing officer admitted to clearing the goods without GST, the statement added.

“At the premises of the carrier M / s Ganpati Road Carriers, more than 200 false invoices used in the past to transport goods without payment of GST were recovered. The carrier also admitted that the goods were transported without electronic bills of lading. under the guise of false invoices and the proceeds of the sale were also collected in cash, to be handed over to the manufacturer. An amount of 1.01 crore rupees in cash was seized from the possession of the carrier, “the statement said.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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