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Provisional Attachment & Bail vis-à-vis Circular Trading under GST regime

October 15, 2020[2020] 120 162 (Article)
Circular Trading refers to issuing of invoices in transactions among multiple companies (more specifically entities registered under GST) without the actual supply of goods. This is done with the intention to illicitly receive input tax credit (for brevity “ITC”) as available in GST regime. Thus, Circular Trading is a type of circuitous transactions where a registered entity (mostly companies) attempts to create a flow of sham transactions with the connivance of other entity/ies by producing fak
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