Rao IIT Academy tax fraud of 14 crores, CGST arrested two

Rao IIT Academy tax fraud of 14 crores, CGST arrested two


Mumbai (Best Hindu News): The Mumbai CGST Commissionerate has unearthed a new modus operandi of tax evasion of Rs 14 crore from the academic coaching sector. An official gave this information here on Saturday. Following specific intelligence, sleuths of CGST Mumbai East Division 8 located Rao EduSolutions Pvt Ltd, popularly known as ‘Rao IIT Academy’, suspected of indulging in tax fraud.

Rao IIT Academy was allegedly collecting 18 per cent GST on tuition fees from its students, but had declared unrelated and exempted services in its returns filed with the department. The department raised apprehensions that the tuition fees collected were embezzled by the company and arrested two directors.

He was charged under section 69 of the CGST Act, 2017 for violating the provisions of section 132(1)(d) and was produced before a designated court, which remanded him to 13 days’ custody.

Investigation so far has revealed that the suspected tax evasion was more than Rs 14 crore, which makes the offense non-bailable as per the CGST Act. Rao IIT Academy provides coaching to thousands of JEE, Medical-UG and other course aspirants through its branches in Maharashtra, Gujarat, Uttar Pradesh, Bihar, Rajasthan and Delhi.



Source link