Today, acting upon an intelligence, the officers of Directorate General of Goods & Services Tax Intelligence (DGGI) of Vapi Regional Unit organize Searches at 16 different premises of M/s. Hindustan Environment Life Protection Services Limited and its buyers located in Surat, Khambat, Ahmedabad and Rajkot, Gujarat regarding passing on of input Tax Credit without actual supply of corresponding goods.
During the search it was found that Hindustan Environment Life Protection Services Limited is the importer of Petrochemical products and mastermind of the scam.They had created chain of firms which they had fraudulently passed on Input Tax Credit without actual supply of the goods. Eventually, such fraudulent Input Tax Credit through circular trading was passed back to Hindustan Environment Life Protection Services Limited and said that Input Tax Credit was finally utilised by them.
As per preliminary investigation, fraudulent availment and passing of Input Tax Credit of Rs. 10 Crore has been unearthed out of which recovery of Rs. 4 Crore tax amount has also been made from the three such firms on the spot during the course of search itself.
The case is under investigation and final figure of evasion of Goods and Services Tax is likely to increase further as the investigation proceeds.