Circular Trading / Fraudulent ITC Claim- HC denies Bail

P.V. Ramana Reddy S/o. P. Shankar Reddy Vs Union of India (Telangana High Court) High Court held that without going deep, that the petitioners have allegedly involved in circular trading with a turnover on paper to the tune of about Rs.1,289.00 crores and a benefit of ITC to the tune of Rs.225.00 crores. The GST regime is at its nascent The law is yet to reach its second anniversary. There were lot of technical glitches in the matter of furnishing of returns, making ITC claims etc. Any number of circulars had to be issued by the Government of India for removing these technical glitches. If, ev...