Punjab Excise and Taxation Dept. found tax evasion of Rs. 42 lakh

Excise and Taxation Department has traced tax evasion of Rs. 42 lakhs during special search operation. 

Assistant Excise and Taxation Commissioner of Mobile Wing Amritsar Rajpal Singh said that in a drive to increase the collection of revenue and check the evasion of VAT Tax started through out the state.

During this drive the Mobile Wing of Amritsar has detected evasion of Rs. 42 lakhs with the manufacturing unit of Tobacco Products belonged to M/s Gauri Mal Faqir Chand, at Gurdas district here today, said Singh.

Singh said that the entire business of M/s Gauri Mal Faqir Chand was inspected and during check operation of accounts it was found that the firm has made sale of Rs. 3.36 Crore of Kranti bidi on which firm was required to pay tax @ 12.5% under the provision of the VAT Act which comes approximately Rs. 42 lakhs but no tax was paid by the firm owner.

Singh said the recovery of Rs. 42 Lakhs would be made with in a week period otherwise strict action against the manufacturing unit would be initiated by seizing all the transactions of the firm.

Source : www.punjabnewsline.com dated 09/01/2008