What is possible tax evasion in iron and steel trade
The most common type of GST evasion in iron and steel trade is availment of Fake ITC based on bogus invoices.
The main reason for that is, there are various unregistered scrap dealers that sell metal scrap to registered units without GST and while selling these goods further entire GST burden falls on the registered person. To avoid such burden, the practice of Fake ITC is very common.
But now Investigation agencies know this modus operandi very well and such person get caught very easily.
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