Summary:
(18 percent being rate of GST, the actual tax the firm liable to pay in this transaction is Rs. 1,20,000 but due to under invoicing the GST paid by firm will be Rs. 40,000 and in the entire transaction the GST to the tune of Rs. The firm used to issue sale bill to their customers of almost one third of the actual sales made, for example if a buyer purchased crackers worth Rs. 87.50 lakh hard cash which is amongst the highest seizures of hard cash this year by centre government departments in the region.Ludhiana in its recent raid on residence cum house of a famous cracker firm of Dhuri, found Rs..