Goods and Services Tax (GST) officers have arrested a Thane businessman for tax evasion of Rs 17.48 crore. According to officers, the accused, identified as Chandan Lakhara, showed bogus purchases and sales to avail an Income Tax Credit (ITC) of more than Rs 8.74 crore.

According to officers, Lakhara, the proprietor of M/s Moon Trader company — registered under the Maharashtra Goods and Service Tax Act 2017 in Thane — through his firm, had shown bogus purchases and thereby availed of an Input Tax Credit of more than Rs 8.74 crore without actually buying any goods or services, causing a revenue loss of Rs 17.48 crore to the government.