 "Mumbai HC grants bail to man held for circular trade, fake ITC claim")
The Bombay High Court has granted bail to a person, arrested on charges of circular trading and fictitious claim of input tax credit under the goods and services tax (GST) regime.
The court also ruled that no coercive action would be taken against the person, while posting the next hearing on July 8, when charges of fake invoices and circular trading would be taken up.
The order may have repercussions for over a dozen of people arrested under similar charges across the country, Abhishek Rastogi, counsel for the petitioner and partner Khaitan & Co. said.
The petitioner, who has a business in MS ingots, had filed a plea in court for personal liberty enshrined in the Constitution.
Circular trading refers to issuing of invoices in transactions among multiple companies without actual supply of goods. This is done to use input tax credit in the GST regime.
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