BENGALURU: At a time when gold prices are soaring, a surprise inspection of jewellery dealers in Chickpet by the state commercial taxes department has unearthed massive Goods and Services Tax (GST) violations and unaccounted gold.
The raids on 23 jewellers in Chickpet found 60kg of gold ornaments worth Rs 21 crore without valid documents. Officials also detected evasion of GST to the tune of Rs 1.3 crore.
Officials said they conducted the raids on wholesale jewellery dealers on Tuesday. “The raids were based on credible information and data analytics available in the backend system with the department,” said MS Srikar, commissioner of commercial taxes.
“The raids were based on information that many traders from other states visit the city and carry gold jewellery without any valid documents and supply it to local jewellers without invoices,” he said.
Officials said penalty was levied on the ornaments for which dealers couldn’t produce documents. “During the inspection, the officials caught two people carrying 3.5kg of gold ornaments in their bags without documents and collected penalty for the same,” they said.
In December 2019, a similar inspection was conducted on silver dealers in Raja Market. “The enforcement wing is keeping a close watch on the interstate movement of gold and silver. All dealers in the state have been advised not to buy any goods without valid invoices,” said Srikar.
The raids on 23 jewellers in Chickpet found 60kg of gold ornaments worth Rs 21 crore without valid documents. Officials also detected evasion of GST to the tune of Rs 1.3 crore.
Officials said they conducted the raids on wholesale jewellery dealers on Tuesday. “The raids were based on credible information and data analytics available in the backend system with the department,” said MS Srikar, commissioner of commercial taxes.
“The raids were based on information that many traders from other states visit the city and carry gold jewellery without any valid documents and supply it to local jewellers without invoices,” he said.
Officials said penalty was levied on the ornaments for which dealers couldn’t produce documents. “During the inspection, the officials caught two people carrying 3.5kg of gold ornaments in their bags without documents and collected penalty for the same,” they said.
In December 2019, a similar inspection was conducted on silver dealers in Raja Market. “The enforcement wing is keeping a close watch on the interstate movement of gold and silver. All dealers in the state have been advised not to buy any goods without valid invoices,” said Srikar.
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