JAMMU: J&K Taxes Department on Sunday exposed a major tax evasion during an inspection to the Silk Expo at Jehlum Resort, Jammu and sealed the company to stop further tax evasion.
The team noticed that a total value of the material for sale was disclosed at Rs 18 lacs only by the company but the total value of the material available for sale turned around Rs.1.62 crores.
Officials said that the Silk Expo is going on from 15th of December 2018 and per day a sale of around Rs.4 lac has been recorded.
After the inspection, the Department sealed the company to ensure no further tax evasion due to further sales as no proper invoices have been issued till date and there is every apprehension of further tax evasion in case it is continued to run.
The spokesperson of the department added that such evasion hit the local traders, who are doing genuine and honest business, very hard as their sales in the market get harshly affected.
He said the department shall be tightening its noose on all such irregular sales so that the regular & honest taxpayer dealers are secured. The spokesman said that the Silk Expo has got registration as Casual Taxpayer under GST law and has deposited only Rs.5,000/- SGST and a similar amount of CGST and as per law the casual taxpayer has to deposit tax leviable in advance in his electronic cash ledger to be calculated on the basis of the stock.