India News | Maharashtra: CGST Commissionerate Belapur Arrests Director of a Firm for GST Fraud, Company Says Transactions Were Genuine

Belapur (Maharashtra) [India], February 20 (ANI): After one of the directors of a firm was arrested by CGST Commissionerate, Belapur on Sunday, Advocate Prasannan Namboodiri, representing the company said that that all the transactions were genuine.

Namboodiri in a statement said, "The department has failed to take note of the transportation of material, the movement of goods, payment of invoices to transporters, warehouses, godown keepers etc, hence no offence is made out under Sections132 (1)(b) and 132 (1)(c) of the CGST Act which led to the arrest of the Director."

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"Also, transactions pertaining to Arch Pharmalabs Ltd are backed with proper documentation of transport and movement of goods, including the proper filing of GST returns and compliance with all GST procedures," stated Namboodiri.

"It is a distinct entity with manufacturing facilities spread across India and Fantasia is one of the customers. We will continue to work together with the Department to bring out these facts so that the liberty of the Directors is protected together with the reputation of allied companies," he added.

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CGST Commissionerate, Belapur arrested one of the Directors of the firm in Navi Mumbai for availing and passing on of inadmissible fake Input Tax Credit (ITC) by using bogus invoices, said the agency on Sunday.

Searches were conducted at various locations including the business premises of the firm and the premises of its transporter. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)