CGST raids 6 cycle parts firms, panic in industry

Ludhiana: In a second such initiative in the past three weeks, the preventive wing of the Central GST (CGST) department raided six bicycle and parts manufacturing firms, suspected to be evading taxes in the form of under-invoicing.
Two of the firms were located in Dhandari Kalan, sources said.
Meanwhile, the raids created panic among bicycle and parts manufacturers and traders of the city and some of the businessmen even closed their factories after half-day shift.
Industry sources said officials did not find anything incriminating at two firms, but they instructed the owners to submit their sale, purchase records and other documents related to their accounts.
On August 7, 16 premises of 11 Ludhiana firms were raided a few days back which were involved in under-invoicing and GST evasion.
The raids had helped detect tax liabilities to the tune of Rs 1 crore.