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Under the Cenvat and Modvat regime as well as under various incentive schemes under the Customs law/FTDRA, there were unscrupulous persons, who created various firms/companies in the name of other individuals, existing or non-existing, for the purposes of undertaking fraudulent paper transactions. These companies/firms may be referred to as "dummy companies/firms." Invoices were made in these companies' names under the Cenvat and Modvat schemes to transfer duty and tax credits without paying the associated tariffs and taxes to the government. This week's podcast talks about different scenarios and punishments for such offences.
Audio Source: An article published on the LKS website in July 2022
https://www.lakshmisri.com/insights/articles/arrest-of-perpetrators-for-fraudulent-passing-and-availing-itc-in-gst-some-issues/
Authors: Atul Gupta, Partner (LKS)
Voice: Neelambera Sandeepan
https://www.lakshmisri.com/
Under the Cenvat and Modvat regime as well as under various incentive schemes under the Customs law/FTDRA, there were unscrupulous persons, who created various firms/companies in the name of other individuals, existing or non-existing, for the purposes of undertaking fraudulent paper transactions. These companies/firms may be referred to as "dummy companies/firms." Invoices were made in these companies' names under the Cenvat and Modvat schemes to transfer duty and tax credits without paying the associated tariffs and taxes to the government. This week's podcast talks about different scenarios and punishments for such offences.
Audio Source: An article published on the LKS website in July 2022
https://www.lakshmisri.com/insights/articles/arrest-of-perpetrators-for-fraudulent-passing-and-availing-itc-in-gst-some-issues/
Authors: Atul Gupta, Partner (LKS)
Voice: Neelambera Sandeepan
https://www.lakshmisri.com/
500 Listeners