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Punjab Excise, Taxation department nails Jammu based car dealer Tax Evasion worth Rs 4 Cr unearthed 7/1/2015 11:45:07 PM Early Times Report Patiala, July 1: Department of Excise and Taxation Punjab has unearthed a major tax evasion scam by nailing a Jammu based car dealer. Sources told Early Times that a Zirakpur-based car dealer allegedly exported stock of high-end luxury Tata cars and SUVs worth Rs 32 crore fictitiously to shops dealing in trade of biscuits and hair oil in Jammu & Kashmir, and evaded value added tax (VAT) amounting to Rs 4 crore. Investigation carried out by Excise and Taxation department Punjab revealed that M/S Macro Ventures Private Limited, Zirakpur, a dealer of Tata cars, had shown transfers of two separate car stocks worth more than Rs 20 crore and Rs 12 crore to Jammu-based Vinayak Enterprises and Pioneer Sales Network, respectively. Jammu-based Vinayak Enterprises deals with biscuits, confectionery items, stationery goods, hair oil, and ayurvedic medicines while Pioneer Sales Network deals in supply of Ayurvedic medicines, life-saving drugs and stationery goods. Since vehicle dealers in Punjab have zero tax liability in case of transfer of stock to another state, the firm in Zirakpur had shown on paper that Jammu-based firms were its branches and stock had been transferred to those. "The car dealer had evaded tax by selling cars in Punjab and also charged tax from customers. However, to evade tax payment to the government, bogus branch transfers and interstate sales had been shown to dealers in Jammu," said Punjab excise and taxation commissioner Anurag Verma. Verma said that fraud came to fore as transactions were not reflected at Information Collection Centre (ICC) located at Punjab-J&K border, where each transaction of export and import was registered. "Our inquiry revealed that Tata Motors (cars division) does not have any authorized dealer by the names of Jammu-based firms. Moreover, one of those two Jammu dealers did not have any stock transfer or interstate from the Zirakpur firm. These firms had not signed any consignment agreement with the Zirakpur dealer," said Verma. Verma said the dealer had also shown stock transfers of Rs 7 crore to Chandigarh about which verification is underway.   Share This News with Your Friends on Social Network     Comment on this Story

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