I-T raids on Kanpur perfume trader unearth around Rs 150 cr, biggest recovery ever
CBIC chairman informed that the concerned department received information that pan masala and gutka company Trimurti Fragrances is transporting materials without any invoices and without paying taxes.
- Dec 24, 2021,
- Updated Dec 24, 2021 3:55 PM IST
An Income Tax (IT) raid in a Kanpur perfume trader Piyush Jain's residence has unearthed approximately Rs 150 crore cash in biggest recovery from tax raids, informed Vivek Johri, Chairman, Central Board of Indirect Taxes and Customs (CBIC).
Johri added that the concerned department had received information that pan masala and gutka company Trimurti Fragrances is transporting materials without any invoices and without paying taxes. "We searched their 3 entities and recovered approx Rs 150 crore cash. This is the biggest recovery ever in the history of CBIC," he said, adding that no arrest has been taken place so far, reported news agency ANI.
"A case of fake invoicing and fake credit was reported... In search we found an item on which GST tax rate is of 28% plus cess," he said, adding that Goods and Services Tax (GST) law is that if an invoice is more than a certain limit then one needs to generate invoices.
Briefing about the details of the searches, Johri said, "DGGI Ahemdabad team started searches on the manufacturer of Pan Masala and their supplier. A transporter and a fragrance company of Unnao were also searched as they were providers of fragrance to the pan masala company," he added.
As per the preliminary search, the probe revealed that the people involved in the case were dispatching material without any invoice and e-way bills. About two-three parties are involved in this. All the invoices we found were fake and value of the item was suppressed.
The raids were initiated by GST officials for tax evasion. After unearthing details, the IT department was also called in.
An Income Tax (IT) raid in a Kanpur perfume trader Piyush Jain's residence has unearthed approximately Rs 150 crore cash in biggest recovery from tax raids, informed Vivek Johri, Chairman, Central Board of Indirect Taxes and Customs (CBIC).
Johri added that the concerned department had received information that pan masala and gutka company Trimurti Fragrances is transporting materials without any invoices and without paying taxes. "We searched their 3 entities and recovered approx Rs 150 crore cash. This is the biggest recovery ever in the history of CBIC," he said, adding that no arrest has been taken place so far, reported news agency ANI.
"A case of fake invoicing and fake credit was reported... In search we found an item on which GST tax rate is of 28% plus cess," he said, adding that Goods and Services Tax (GST) law is that if an invoice is more than a certain limit then one needs to generate invoices.
Briefing about the details of the searches, Johri said, "DGGI Ahemdabad team started searches on the manufacturer of Pan Masala and their supplier. A transporter and a fragrance company of Unnao were also searched as they were providers of fragrance to the pan masala company," he added.
As per the preliminary search, the probe revealed that the people involved in the case were dispatching material without any invoice and e-way bills. About two-three parties are involved in this. All the invoices we found were fake and value of the item was suppressed.
The raids were initiated by GST officials for tax evasion. After unearthing details, the IT department was also called in.