Tax evasion of city jewelers uncovered | Patna News

PATNA: Officials from the Trade Tax Department’s Central Investigation Bureau carried out inspections at four jewelry stores in Patna on Wednesday and Thursday and found tax evasion. Following an inspection carried out by the department in a jewelry store in Bakarganj in June, other jewelers, who paid less tax in proportion to their sales, were identified. It was later found that the cash tax payment was less than the turnover of these companies.
During the inspection of the last two days, an excess of 13 kg of gold and 1,600 kg of silver was found compared to a company’s inventory register. An amount of Rs 55 lakh has been deposited by the company as a tax to the public treasury.
In the case of the other three companies, the same person turned out to be the overlord. In these cases, 11 kg of unaccounted gold was found in one company, and 351 kg and 500 kg of silver, respectively, in two other companies. A total of Rs 50 lakh was realized as tax from these three companies.
The commissioner-secretary of the department, Pratima, said that due to the non-mandatory requirement of electronic waybills for transporting gold and silver, there is large-scale tax evasion in this sector. “The department is determined to take strong action against tax evaders. Such action will lift the spirits of honest traders,” she added.

Source link


Comments are closed.