SGST dept launches raid on real estate developer for tax evasion

Indore: The State Goods and Services Tax (SGST) department launched a raid on a local real estate developer on Monday as part of an investigation into income tax evasion and non-payment of taxes .

A team of 7-8 officials targeted the developer's office and residence, with the search expected to last at least two days. Investigating officers are monitoring the developer's financial transactions, including bank statements and cash activities, to examine tax evasion .

Officials revealed that the raids are part of a larger investigation into the financial activities of the developer. As part of the preliminary inquiries, investigators scrutinised bank statements, including cash deposits, withdrawals, cash payments, and cheque deposits, to gather evidence against the suspects.

The search is expected to continue for at least two days as authorities work to piece together the financial dealings of the developer. As the investigation unfolds, more details are expected to emerge regarding the implications of the raid and its impact on the local real estate market.