Published On : Wed, Oct 7th, 2015

LBT raid on Richa Jain’s Unique International, tax evasion in lakhs suspected

LBT Raid
The Local Body Tax Department of Nagpur Municipal Corporation on Wednesday raided Itwari-based Unique International and unearthed tax evasion in lakhs in the financial year 2013-14. The LBT Department has seized documents necessary documents and demanded details of import of goods worth Rs 1.49 crore from the establishment. The raid is still in progress.

The Unique International, owned by Richa Jain, had notified the LBT Department on the purchase of goods worth Rs 23.31 lakh during the financial year 2013-14. The establishment had informed import of goods worth only Rs 1.77 lakh during the year and had paid LBT of 78,000 according to the value of imported goods.

However, at the time of filing VAT return for 2013-14, the company informed about purchase of goods worth Rs 1.49 crore. The purchase of goods that include fitness machines and beauty products from Nagpur only created doubts in the minds of LBT sleuths. Accordingly, the LBT Department raided the establishment and asked it furnish documentary details of the transactions.

If the Department finds information of VAT return correct and the goods are imported from outside Nagpur, levy of LBT to the tune of Rs 6 lakh could be imposed on Unique International. At present, the company has been served with a notice asking it to provide details of the transactions. Awaiting the details sought from the company, the necessary action by LBT department is under process, informed Assistant Commissioner (LBT) Milnd Meshram while talking to Nagpur Today.