Business Daily from THE HINDU group of publications
Thursday, Jul 17, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Jul 17, 2008 ePaper | Mobile/PDA Version | Audio |
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Industry & Economy
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Economic Offences States - Kerala Kerala raids reveal unaccounted sales Our Bureau Thiruvananthapuram, July 16 Raids conducted by the Intelligence Wing of the Commercial Taxes Department on jewellery and other shops in Kerala have revealed unaccounted sales to the tune of Rs 12.18 crore. The raids, conducted on Tuesday, covered 31 jewellery shops and 26 white goods shops across the State. The Finance Minister, Dr. Thomas Isaac, said here on Wednesday that the raids targeted jewellery shops that had not gone in for the compounding tax system. The tax and penalty for the unaccounted sales unearthed would be Rs 1.47 crore. The Minister said that in test purchase done as part of the raid, it was found that the traders were not giving bills for the purchases. The jewellery shops were not keeping the accounts of purchases and sales as mandated by the rules and the raid on one of shops yielded 35 kg of unaccounted gold valued at Rs 5.36 crore and carrying a tax liability of Rs 40 lakh. In one of the jewellery shops in Ernakulam, the raiding party found home appliances worth Rs 56 lakh being kept unauthorised. The shop was also selling items like gold-plated watches without authorisation. The Minister said that the tax officials had to face heavy protests during the checking and most of the shop-owners refused to hand over stock registers and purchase documents to them. It emerged from the raids that many of the dealers were not keeping stock registers as stipulated by Value Added Tax rules, he added. More Stories on : Economic Offences | Gems & Jewellery | Kerala
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