Delhi VAT Department Seizes LED TVs Worth Rs 50 Crores
The trade and taxes department of Delhi government has seized LED TVs worth Rs 50 crore from a private firm for the alleged illegal purchase and sale of the electronic goods and for evading tax to the tune of Rs 10 crore.
Trade and Taxes Commissioner SS Yadav said that the proprietors of the firm have admitted to the illegality of their transactions and cases have been registered in this connection under the VAT Act.
Yadav said that based on a tip-off, a survey was clandestinely done by enforcement teams in the area where the establishment is located and information was gathered about its warehouses and godowns.
"Various documents regarding unvouched (sic) transactions of the dealer were also seized from its premises. The entire stock was imported by the firm.
"The information about the seizure has also been shared with other enforcement agencies," the official said.
The firm, which was not registered with the Department of Trade and Taxes, was not paying any tax although its turnover is above the threshold limit, Yadav claimed.
As per Delhi Value Added Tax Act, 2004, any person or entity having annual turnover of more than Rs 20 lakh has to mandatorily register with the Department of Trade and Taxes, get a TIN number, file quarterly returns and deposit the tax monthly.
An FIR is also being lodged against the firm at the police station concerned under various provisions of DVAT Act, 2004, and the Indian Penal Code, he added.