Odisha: GST wing seizes Rs 5.68 crore from Boudh businessman
Odisha: GST wing seizes Rs 5.68 crore from Boudh businessman
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Bhubaneswar: The Commercial Tax (CT) and Goods and Services Tax (GST) Enforcement Wing of Odisha confiscated Rs 5.68 crore from a textile merchant in Boudh district on Saturday as part of a campaign against businesspeople who evade taxes, according to government sources.
When enforcement wing authorities conducted simultaneous raids on the locations of two garment sellers on Friday, they found the enormous amount of cash from a textile dealer.
Three teams, each with 18 tax officers, raided the showroom, godowns, and other locations of Shree Binayak Textiles in the PWD Road area and Singhal N Singhal in the Hospital Road area after receiving a tip, they claimed.
The Shree Binayak Textiles dealer's home is where the cash, hidden in a cabinet, was found.
The tax staff checked stock accounts, purchase and sale information, and data stored on computers and laptops throughout the process. To cross-check with their books of accounts, the physical stock that was on hand was also noted.
They added that an examination was carried out using the information in the system after it was previously claimed that some textile merchants were selling items without issuing tax invoices out of their accounts in an effort to avoid paying taxes. According to an official, despite having a significant quantity of sales, the taxpayers only paid a very small amount of difference tax on their purchases.
While Rs 5.68 crore was retrieved from Shree Binayak Textiles during the inspection, he added that more inquiry is ongoing. The money was provisionally attached while the dealer was being questioned and the cash was transferred into the owner's account. His laptops, PCs, and other papers have all been taken. The two traders' exact amount of tax evasion has not been disclosed.
According to reports, the state's CT and GST Enforcement Wing earlier this year seized Rs 1 crore from a diamond store in the Cuttack district, paid over Rs 48 lakh in fines to a merchant in Bargarh, and collected Rs 61 lakh from a textile showroom in Bhubaneswar.
