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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« VAT (Value Added Tax) »
 No Cenvat credit admissible on outward transportation services from factory to buyer’s premises
  Filing of reconciliation return in form 9 for the year 2016-17
 Govt may send notice to 162 companies; ask for VAT returns
 Cenvat Credit Is Not Income Liable To Be Taxed
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I

Gujarat - Vat evasion racket busted
July, 26th 2012

A valued added tax (Vat) evasion racket involving glass sheet and mirror importers from the state has been unearthed. Gujarat commercial tax officials raided eight importers, including two in Ahmedabad and three in Surat.

 Officials found more than Rs 31 crore of unaccounted transactions in which the traders had sold off glass sheets and mirrors imported from China without bill to evade the 15 per cent Vat.
 
"We raided premises of Nova Impex, Shiv Corporation and Glomax Glass in Surat, and Aarav Impex in Ahmedabad last Friday. We found that the companies had imported large quantities of glass and mirror sheets from China and sold them off without paying Vat," said a senior commercial tax official.

 The officials have collected cheques worth Rs 43 lakh from a few traders and attached residential properties of those who haven't paid the evaded tax.

"In one of the cases we found that Kishore Patel, who is the promoter of Nova Impex had opened another company in the name of a rickshaw driver. He then carried out imports from China under this company and sold material without bill. The rickshaw driver was unaware of the clandestine activities," the official said. The commercial tax department has filed a case against Patel in the tax evasion case. Sources said a tax demand along with penalty of more than Rs 9 crore will be raised against the companies promoted by Patel.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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