CBEC detects Rs 24 cr central excise duty evasion by Bhushan Steel Limited
May, 22nd 2013
The Revenue Department today said it has detected a case of central excise duty evasion estimated at Rs 24 crore against Bhushan Steel Limited (BSL).
"Investigation conducted by Directorate General of Central Excise Intelligence (DGCEI) so far indicated irregular availment of Cenvat credit to the tune of Rs 24 crore approximately by Bhushan Steel Limited," the Central Board of Excise and Customs (CBEC) said in a statement.
Extensive searches were conducted at 14 places across the five states Delhi, Maharashtra, Uttar Pradesh, Uttara Khand and Rajasthan including their factory and trader's godowns at Delhi, Aligarh and Agra and transporter's offices at Udaipur and Haridwar on March 20, 2013, it added.
DGCEI has booked a case against Bhushan Steel Limited, a manufacturer of hot and cold rolled galvanised products for fraudulent availment of Cenvat credit on zinc ingots purchased from Hindustan Zinc Ltd, Haridwar on the basis of invoices only without receiving the goods, the CBEC said.
It said during preliminary inquiry, the key officials of BSL including their vice vhairman-cum-managing director admitted to the modus operandi and an amount of Rs 12 crore has been deposited towards their duty liability.