Company imported goods worth Rs 16 crore but paid only Rs 7 lakh towards LBT instead of expected Rs 40 lakh.
Nagpur News: The Squad of Local Body Tax (LBT) Department of NMC raided a medical company Nitika Pharmacist on Kamptee Road on Friday. According to the Squad, the said pharmacist reportedly imported goods worth Rs 16 crore in the current fiscal but paid only Rs 7 lakh towards LBT. The Squad has seized documents pertaining to import of goods in the last and the current year.
Nitika Pharmacist has been located in Vanjra Industrial Area on Kamptee Road and has registered with the LBT Department. Since registration, Nitika Pharmacist paid Rs 7 lakh of LBT till August 2013. The LBT Department had started investigation into the import by the company last year and the amount paid towards Octroi Duty. The investigation conclusively revealed the Nitika Pharmacist was evading LBT as compared to last year’s payment towards Octroi. Today’s raid was the result of the investigation. The LBT Squad scanned the seized documents and found that the Nitika Pharmacist had imported goods worth Rs 16 crore but paid only Rs 7 lakh of LBT against the expected Rs 40 lakh. Now, the LBT Department will recover double the LBT (200 per cent more) amount for evasion of the Tax.