CHANDIGARH: Issuing a stern warning to tax evaders, Punjab Finance, Planning, Excise and Taxation Minister Harpal Singh Cheema on Tuesday disclosed the unearthing of a massive ₹22 crore GST (Goods and Services Tax) evasion racket.
Finance Minister Harpal Singh Cheema said, “The department has initiated strict proceedings against M/s Jagat Metals Pvt. Ltd. Through meticulous data analysis, our taxation officials discovered that this company had wrongfully claimed Input Tax Credit (ITC) amounting to approximately ₹22.53 crore.
The Finance Minister further explained that the deeper the department dug, the more apparent it became that the entire supply chain was built like a house of cards. He said, “Our investigation exposed that intermediate suppliers in this transaction chain had themselves availed substantial ITC from cancelled dealers.
The Minister proudly said that this immediate deposit speaks volumes about the sheer effectiveness of Punjab’s intelligence-based enforcement mechanism. He said, “We are increasingly relying on cutting-edge data analytics and technology-driven investigations to separate the wheat from the chaff and identify bogus billing networks early on.”
