Hyderabad Retail Chain Raid: Unraveling a 100 Crore GST Evasion Scam
The Hyderabad retail chain raid has exposed a complex web of deceit, with tax evasion amounting to more than 100 crore. The crackdown reveals fraudulent practices such as inflated prices and false input tax credit claims, emphasizing the scale of GST fraud and the ongoing fight against tax evasion.
In a significant operation against Goods and Services Tax (GST) evasion, authorities in Hyderabad launched a massive crackdown on a popular retail chain. The commercial taxes department initiated raids across various locations in the state on Wednesday night, which stretched into Thursday. The targeted sites included 12 locations in Hyderabad, Khammam, and Karimnagar.
Among the sites searched were seven outlets of the retail chain in Hyderabad, their headquarters in Gachibowli, and a stock center in Balanagar. Preliminary findings indicate that the tax evasion could amount to over 100 crore. Suspicion arose due to substantial price discrepancies in the sale of footwear, which were marked up by 100% to 400% without the necessary tax payments.
