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The Commercial Taxes Department has launched a series of surprise raids on business establishments to check for tax evasions.
According to an official press release, over 150 officers have participated in mass, surprise raids on businesses believed to be bill traders dealing in iron and steel and electrical goods.
After the introduction of TNVAT Act, dealers were permitted to adjust the tax paid on their purchases within the State towards the taxes due on their sales (Input Tax Credit).
Of late, some of the dealers without effecting actual sales, started issuing bogus bills, so that the dealers will adjust the Input Tax Credit without payment of taxes to the Government. This raid is mainly intended to curb such activity by inspecting and verifying the genuineness of such business transaction, the release said.
The officials verified if the dealers have paid the correct rate and quantum of tax. Bill trading activities were also verified.
The Department officials have identified several bill traders and bogus dealers and cancelled their registration certificates. In order to control and curb the bill trading and bogus transaction activities, strict action is being taken.
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