Tuesday, May 17

Tag: indirect tax department

Tax Officials Raid Companies Involved in Circular Trading
Corporate, News

Tax Officials Raid Companies Involved in Circular Trading

Highlights The Indirect Tax Department targets raid over several promoters of companies involved in circular trading.Companies also prepared counterfeit invoices of INR 25,000 crore which was issued by the small and medium companies.The Indirect Tax Department has raided several states like West Bengal, Punjab, Rajasthan, Punjab, Haryana, Maharashtra, and New Delhi. Circular trading is a type of securities fraud that can take place in stock markets, causing price manipulation and often related to pump and dump schemes. Tax officials begin to go after companies that tried to fend off Goods and Services Tax (GST) and are involved in circular trading. Officials claim to have arrested various promoters of such companies. Many suspects that circular trading may be used to increase ...