Six dealers suppressed gold import details: CAG

Published on : March 07, 2017 Topic : Business
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THIRUVANANTHAPURAM: Six dealers in the state, which include prominent banks, suppressed import details of gold, diamond and platinum to the tune of over `3,600 crore, the Comptroller and Auditor General (CAG) has found.


The anomalies were detected after the CAG cross-checked the import data provided by the Director General (Systems Management) Central Excuse and Customs with that of the details furnished by the dealers.


In its report on the revenue sector for the year ended March 31, 2016, the CAG noted they had imported gold, diamond and platinum to the tune of `4,191.16 crore but declared consignments worth `496.69 crore only. “The suppression of import purchase worked out to `3,694.46 crore and the resultant short levy of tax, interest and penalty worked out to `126.70 crore,” the report, which was tabled in the Assembly on Monday, said.


At the top of the list is Dhanlakshmi Bank, from whom the short levy of tax amounted to `118.40 crore, including interest and penalty, for the years 2011-12 to 2013-14. Other defaulters included South Indian Bank, Federal Bank, Chemmanur Gold Refinery Pvt Ltd, Malabar Gold Ornaments Makers (P) Ltd and Aiswarya Jewel Crafts, the report said.


In another instance, the CAG found failure to levy purchase tax from 184 dealers resulted in the short-levy of `2,475.55 crore, including interest and penalty.


Top defaulters, according to the CAG report, were Kalyan Jewellers India Pvt Ltd, Josco Fashion Jewellers. Bhima Jewellers and Josco Jewellers Pvt Ltd. “The government accepted the findings of the audit. Further reply has not been received,” the CAG noted.

Yet, another instance where short levy of tax was detected was in the case of metal crushing machines. As many as 131 firms which were assessed had either under-reported the size of the machines or their number. This resulted in short levy of tax, interest and penalty totalling `68.78 crore, the CAG noted.

Source: The New Indian Express
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