Bhubaneswar: GST raid on a textile company in Odisha’s Boudh district today led to the recovery of whopping Rs 5.68 crore in cash.
Based upon the allegation that some textile dealers were selling goods out of account without issue of tax invoice in order to evade payment of tax, a secret investigation was made. On the basis of result of preliminary investigation, the State CT and GST Enforcement Wing conducted simultaneous raids on M/s Singhal N Singhal located at Hospital Road, Boudh and M/s Shree Binayak Textiles located at PWD Road, Boudh at their place of business, godowns and residential places.
Three teams consisting of 18 officers of State CT and GST Enforcement Wing were engaged in the operation.
The investigating teams during the course of inspection verified purchase and sale details, stock accounts and the information available in computers, laptops etc. They also recorded the physical stock available in their business premises and godown for cross verification with books of accounts. The content available in the computer, laptop and the documents which remain unexplained have been seized for further investigation.
Further, during the course of inspection, a sum of Rs 5.68 crore was recovered from M/s Shree Binayak Textile, which was deposited into its bank account and provisionally attached to prevent any debit entry from the account. Investigation revealed that these taxpayers have paid a very negligible amount of differential tax on their sales despite having huge turnover.
Further investigation was underway.