Business
Kanpur GST Raid: Plywood Tycoon Under Scanner, Rs 550 Crore Benami Property Unearthed at Pan Masala Mogul’s Home!
Kanpur: The Directorate General of GST Intelligence (DGGI) teams from Lucknow conducted a major raid on Wednesday evening at Shatabdi Plywood, a plywood and glass trading establishment located in Jarib Chowki, Kanpur. Several locations linked to the business were also searched as part of the operation. The action, prompted by suspicions of tax evasion, led to the seizure of a large number of documents, raising concerns among local traders.
GST Raids Continue in Kanpur
The crackdown is part of the ongoing investigations into tax evasion across Kanpur. Recently, similar actions were taken against income tax defaulters, leading to heightened vigilance among business communities. Wednesday’s raid by GST intelligence officials caused panic among plywood traders, as they feared further scrutiny on tax compliance and documentation.
Sources reveal that the businessman under investigation is not only involved in plywood and glass trading but also operates a significant lead business. There had been long-standing complaints about suspected tax evasion linked to these enterprises. Acting on intelligence reports, the DGGI team initiated the raid, uncovering various financial irregularities.
Irregularities in E-Way Bills and Invoices
During the search operation, officials discovered discrepancies in the business’s financial records, particularly in e-way bills and invoices. E-way bills are mandatory for the movement of goods exceeding a specified value, and any inconsistency in their records often indicates potential tax evasion. The authorities are now in the process of matching invoices with sales and purchase records to assess the extent of the alleged violations.
Large-Scale Document Seizure
Officials have seized a substantial number of documents from the establishment. These records will be thoroughly examined to verify tax compliance and detect any fraudulent activities. The findings from the seized documents are expected to play a crucial role in determining further legal action against the business operator.
The raid marks another step in the government’s efforts to curb tax evasion and ensure stricter enforcement of GST regulations. While no official statements have been made regarding penalties or arrests, sources indicate that further investigation will follow based on the evidence collected.