SGST Investigates Income Tax Evasion by 35 Gold Firms in Thrissur

📅 Date: October 29, 2024
📂 Categories: #TAXNews #GST #IncomeTax
⌛ Read Time: 4 Min

The State Goods and Services Tax (SGST) department has revealed suspicions of income tax (I-T) evasion by 35 gold firms in Thrissur following a recent GST evasion crackdown. The SGST has forwarded information to the I-T department for further investigation.

Operation ‘Torre del Oro’

Raids Conducted: The operation, code-named ‘Torre del Oro’ (Tower of Gold), targeted 73 locations in Thrissur on October 23, mobilizing 700 officials.

Seizure: Approximately 108 kg of gold was confiscated from the firms involved in jewelry production and sales.

Financial Assessment

Turnover Estimate: The turnover of these firms is estimated at Rs 1,000 crore, as per SGST officials.

Compliance: Many of these companies have approached the SGST department, expressing willingness to pay penalties and GST to recover the seized gold.

The SGST department has initiated tax assessments, expected to conclude in the coming days, which will provide a clearer view of the extent of tax evasion involved.

ThrissurGoldFirms #TaxEvasion #GSTCrackdown #IncomeTax #TorreDelOro