Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: list of goods taxed at 4% :: cpt :: empanelment :: due date for vat payment :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: form 3cd
 
 
VAT (Value Added Tax) »
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I
 How much do you know about VAT as a taxpayer?
 New tax structure not higher than VAT
 Cos will be reimbursed for exemptions that currently exist in the VAT regime
 GST will get states more than VAT
 Is it a modified Value Added Tax?
 GST regime: VAT Commissioner and CBEC to work with businesses

Indian-origin men jailed for major UK scam
June, 20th 2012

Three Indian-origin men involved in a multi-million pound VAT scam that involved the import of high-value carbon credits free of VAT into the UK, were today jailed for a total of 35 years. The three are Sandeep Singh Dosanjh, 30, Ranjot Singh Chahal, 35, and Navdeep Singh Gill,

Dosanjh reportedly used the money gained fraudulently to buy a house in an upmarket London neighbourhood worth 1 million pounds, and a Roll Royce.

The sentences were delivered at the Southwark Crown Court: Dosanjh was jailed for 15 years while Gill was sentenced to 11 years and Chahal was locked up for nine years, the Daily Mail reported.

The three cheated the government out of 39 million pounds in just 69 days in what is considered to be the first case of its kind in the UK.

The law has now been changed to prevent carbon credit VAT fraud as a direct result of this case.

The three were arrested in December 2009.

Dosanjh, considered the mastermind of the scam, and his two friends Chahal and Gill made the millions running a series of bogus companies importing high-value carbon credits free of VAT into the UK.

EU emission allowances are known as carbon credits and are certificates which can be bought and sold representing the right to emit carbon dioxide into the atmosphere.

They were created as part of national and international attempts to reduce greenhouse gases.

The report said that the three exploited UK VAT laws and sold these carbon credits on to legitimate companies, charging VAT which was never paid back to the government.

The bogus importing companies were then dissolved and the credits were sold on again between three further 'buffer' companies also run by the three before finally being sold on to legitimate companies so the trading chain appeared legal.

The VAT charged by the 'missing trader' was then shared out between the gang, The Daily Mail reported.

The trades were made in a matter of minutes via a computer system, and the stolen VAT was transferred to offshore bank accounts in the UAE to 'clean' the stolen cash which the gang then spent.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions