A survey is initiated at the offices of Zee Entertainment Enterprises Ltd and Larsen & Toubro (L&T) Ltd. which comes under the tax examination with respect to the 2 organizations by the Directorate General of GST Intelligence (DGGI).
A fake input tax credit is found to be filed by the two firms named zee and L&T as investigated by DGGI below GST. the examination of the last 5 years is in the process by DGGI.
“The information gathered by the DGGI was sent to the Income Tax Department even as the GST probe is still on so that it could take timely action”
The IT dept has conducted investigations at 15 locations in Mumbai and Chennai offices for the organizations below section 133A of the Income Tax Act. Also at the company’s branches, some investigation is to be done all across the country.
“Officials from the tax department visited the offices of the company with certain queries. The officials concerned of the company are providing all the required information and extending complete cooperation,”
141 people over the country were caught in the previous 1 month declared DGGI and recorded 3,479 entities in 1,161 cases for not legally claiming or carrying on the input tax credit 
Check out the latest rule for the taxpayers related to the input tax credit. The traders can credit 10% plus ITC of an extra amount reflected in GSTR 2A return. Read more, which causes loss to the banks and financial institutions to Rs 13,447.95 crore.
The shares of Zee entertainment have dropped 2.58% which closed at Rs 219.15, on the other hand, the shares of L&T shares had gained 1.43% to Rs 1315.55. The Sensex was closed at 307.82 points or 0.64%.
