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DGGI Gurugram arrests man for defrauding exchequer By IANS| Published: 1st March 2021 10:26 pm IST New Delhi, March 1 : The Gurugram Zonal Unit of Directorate General of GST Intelligence has arrested a man for defrauding exchequer in excess of Rs 13.76 crore. The arrested Pradeep Jain is the Director of M/s PSR Metals Pvt Ltd that has been found to be involved in tax fraud. The investigation on the company found that Jain claimed to procure both old and non-guarantee batteries from various registered and unregistered dealers and also claimed to manufacture lead from old batteries and doing trading of new batteries (termed non-guarantee batteries). ....
Old or scrap batteries are taxed at 18 per cent, while new or fresh batteries are taxed at 28 per cent under goods and services tax (GST). However, verification with their suppliers revealed that they had sold only fresh batteries to PSR Metals Pvt Ltd, the statement said. The ministry said that based on investigation, it appeared that the company was involved in using bazaar scrap to manufacture battery lead and was using the input tax credit (ITC) of fresh batteries while clearing these new batteries without issuance of invoices. Pradeep Jain found to have defrauded the exchequer in excess of Rs 13.76 crore by clearance of goods without issue of invoices. ....