Two edible oil companyies fined 13.5 cr for VAT evasion Two edible oil companyies fined 13.5 cr for VAT evasion Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

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Two edible oil companyies fined 13.5 cr for VAT evasion

May, 10th 2011
The state commercial tax department has asked two Gujarat-based edible oil manufacturers to pay an amount of Rs 32.56 crore towards evaded tax, interest and penalty. The department had carried out search operations on premises of the two manufacturers having units in Mehsana, Rajkot, Ahmedabad and Anjar and unearthed a large-scale tax evasion. During the operation, officials found that one of the companies had sold goods worth Rs 152 crore through cantonments of defence agencies between 2007 and 2011. "But the company didn't pay value added tax ( VAT) against the sale. We have fined the company of Rs 7.57 crore and will collect Rs 2.32 crore as interest and Rs 11.36 crore as evaded tax. After completion of the search operation, the company paid Rs 4 crore," said an official. The department has also fined another oil manufacturer operating from SG Highway for inflating its input tax credit and not paying tax on income from rent of plant and machinery. Officials have asked the company to pay Rs 11.25 crore, including around Rs 6 crore as fine.