P P Jewellers under investigation for tax evasion
P P Jewellers hadn't paid central excise duty at the rate of 1% on sale value since it was levied earlier this year.
New Delhi-based P P Jewellers is under investigation after the Delhi Zonal Unit of the Directorate General Of Central Excise Intelligence (DGCEI) examined its records at the Karol Bagh branch on December 9.
According to the records, P P Jewellers showed a sale of 44.99 kg of gold jewellery on November 8, 2016, as compared to 0.82 kg on November 07, 2016.
A central excise duty at the rate of 1% on the sale value (without input credit) is applicable on manufactured jewellery with from March 1 this year, however, the investigation found that the jeweller hadn't paid any duty from day one.
According to preliminary estimates, the Central Excise Duty evasion stands at approximately Rs 4 crore.
P P Jewellers have admitted to the tax evasion and deposited Rs 2 crore towards their central excise duty liability. Further investigation in the case is in progress.