Trade and Taxes department of the Delhi Government on Sunday seized lED TV sets worth Rs50 crore from a firm in Karol Bagh in Central Delhi after it was allegedly found involved in illegal purchase and sale of the electronic goods and also for evading tax worth Rs10 crore.
According to SS Yadav, Trade and Taxes Commissioner, the proprietors of the firm admitted for conducting illegal transactions and cases have been registered in this connection under the VAT Act.
He said after receiving 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,” said official.
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 Rs20 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.