GST Intelligence raid: Tax evasion of over Rs 1000 crores detected at jewellery stores in Kerala: More action likely in other parts of the country

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GST Intelligence raid: Tax evasion of over Rs 1000 crores detected at jewellery stores in Kerala: More action likely in other parts of the country

Raid on the Jewellery stores is carried out recently on the basis of GST Intelligence wing report that fake invoices are used for evading tax. The raid was conducted on 26 May 2023 by the GST Intelligence wing of the Central Board of Excise and Customs (CBEC). The GST Intelligence raid is a major crackdown on tax evasion in the jewellery industry in Kerala. The raid is likely to send a strong message to other jewellery stores that are evading taxes.

It was conducted simultaneously at the 33 jewellery stores in the districts of Thrissur, Malappuram, Palakkad, Kannur, and Kozhikode. The GST Intelligence wing found that the jewellery stores had been evading taxes by not declaring their true sales turnover. The GST Intelligence wing also found that the jewellery stores had been using fake invoices and other documents to evade taxes.

It is estimated that the total amount of tax evasion by the jewellery stores is over Rs 1000 crores.
The GST Intelligence wing has seized incriminating documents and evidence from the jewellery stores. The GST Intelligence wing has filed a case against the jewellery stores under the GST Act.

Some of the key findings of the GST Intelligence raid:

1. The jewellery stores were not declaring their true sales turnover.

  1. The jewellery stores were using fake invoices and other documents to evade taxes
  2. The jewellery stores were using special software to evade taxes
  3. The GST Intelligence raid is a major development in the fight against tax evasion in India
  4. The total amount of tax evasion by the jewellery stores is over Rs 1000 croresFor sure, the raid is likely to have a significant impact on the jewellery industry in Kerala and across the country.
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