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Baba Ramdev-promoted FMCG companies caught in a pickle over GST frauds

By TIOL News Service

NEW DELHI, APR 30, 2024: IT is said that when bad time comes, it comes in buckets! And it is, of late, happening with the corporate entitites floated by Baba Ramdev. First, the Supreme Court excoriated Baba for misleading advertisements. Then came the cancellation of licence for 14 products by the Uttarakhand State agencies. And the final blow comes from the GST authorities which have issued multiple show cause notices (SCNs) to the group companies of Patanjali - Patanjali Foods and Patanjali Ayurved.

The Meerut and Chandigarh offices of DGGI have alleged ITC abuse and non-payment of GST. Another group company M/s Kriti Traders is also being investigated for availing ineligible ITC of Rs 197 Crore. However, since the State GST officials had already initiated investigation, the DGGI has handed over this case to the local sleuths but only after completing the investigation.

M/s Patanjali Ayurved has been accused of indulging in circular trading and utilising fake ITC. The SCN has imposed penalty for issuance of tax invoices without supply of goods involving taxable value of Rs 2640 Cr and ITC amounting to Rs 138 Crore.

In the case of M/s Patanjali Foods Ltd, it was found that it had availed ineligible ITC of over Rs 27 Crore based on fake invoices issued by seven sham firms. The company admitted the fault and deposited over Rs 25 Crore through DRC-03.

 


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