Tax evasion by Patna jewellers unearthed

PATNA: Officials of the central investigation bureau of commercial taxes department conducted inspections at four jewellery shops in Patna on Wednesday and Thursday and unearthed evasion of tax. Following inspection in a Bakarganj-based jewellery shop by the department in June, some other jewellers, who were paying less tax in proportion to their sales, were identified.It was later found that the payment of tax through cash was less when compared to the turnover of these firms.
During the inspection over the last two days, an excess of 13kg gold and 1,600kg silver were found in comparison to the stock register of a firm. An amount of Rs 55 lakh was deposited by the firm in form of tax to the government exchequer.
In case of other three firms, same person was found to be the overlord. In these cases, 11kg of unaccounted gold was found in one firm, and 351kg and 500 kg of silver, respectively, in two other firms. A total of Rs 50 lakh was realised as tax from these three firms.
The commissioner-cum-secretary of the department, Pratima, said due to the non-compulsion of the requirement of e-way bills for transportation of gold and silver, there is a large scale evasion of tax in this sector. “The department is determined to take strict action against the tax evaders. Such action will boost the morale of the honest traders,” she added.