Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: due date for vat payment :: articles on VAT and GST in India :: form 3cd :: cpt :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT Audit
Customs and Excise »
 Ensure transparency in excise department working: Bizmen to government
 It is time to review the customs duty on essential food imports
 Migration to GST of existing Central Excise / Service Tax Assessees
 Rate of exchange of conversion of the foreign currency with effect from 3rd February, 2017
 Budgetary Changes In Customs
 Customs and excise officials upset with GST administration deal with states
 Higher petro excise props up govt tax kitty
 Seeks to further amend notification No. 02/2011-Central Excise dated 1st March, 2011.
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Seeks to amend Notification No. 27/2014-Central Excise

2 businessmen held for evading Rs 6.25 crore customs duty
April, 03rd 2014

The Directorate of Revenue Intelligence (DRI) has arrested two importers of embroidery machines on the charges of evading customs duty to the tune of Rs 6.25 crore.

The accused imported computerized embroidery machines from China worth Rs 28 crore by allegedly misusing zero per cent/3 per cent concessional duty Export Promotion Capital Goods (EPCG) scheme.

Official sources said that the accused have been identified as Salil Shah and Kaushal Shukla, both directors of Rudrani Impex Private Limited (RIPL).

The duo cleared a total of 176 consignments of 687 embroidery machines from China valued at Rs 38.10 crore against the EPCG duty benefit amounting to Rs 8.67 crore on the High sea sale (HSS) basis to various 70 importers. Out of the 70 importers, only 19 importers were actual buyers having their manufacturing factories, whereas the remaining 51 were fictitious.

For obtaining Import Export Code (IEC) and EPCG licence for the fictitious firms from the Director General of Foreign Trade (DGFT), the duo prepared forged rent deeds, electricity bills and property tax bills in respect to the branch and factory address of the firms and submitted the same to the DGFT.

After getting the licence, the duo showed the machines imported from China were sold on HSS to the different fictitious importers. HSS is a sale carried out by the carrier document consignee to another buyer even as the goods are yet on high seas or after their dispatch from the port or airport of origin and before their arrival the destination.

"While 19 importers to whom the machines were sold were genuine, there are 51 fictitious importers to whom 505 machines worth Rs 28 crore were sold in cash to evade customs duty. We have booked the duo and they will be presented before the court for seeking their further remand in the custody," said a senior DRI officer.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions