New Delhi: In a major operation, the enforcement teams of the Department of Trade and Taxes, Government of NCT of Delhi seized a huge stock of expensive LED TV sets being sold illegally in the capital. The entire stock was imported by the firm. The cost of the stock seized is estimated to be about Rs 50 crores. The stock was seized from a firm who was selling these TV sets illegally in Karol Bag. The information about the seizure has also been shared with other enforcement agencies.
Giving details about the raid conducted by enforcement wing of Trade and Taxes, the Commissioner, Trade and Taxes Shri SS Yadav informed that the Department had received information that a firm is selling imported, high value LED TVs in Karolbag area. Survey of the area was conducted clandestinely by the enforcement teams. The modus operandi of the firm was studied and information about its warehouses and godowns was collected. The firm M/S G.S. Overseas, which was found having huge stock of these TV sets. The proprietors of the firms have admitted illegal purchase and sale of TVs.
Yadav informed that the firm was not even registered with the Department of Trade and Taxes and is not paying any tax although its turnover is above the threshold limit. As per Delhi Value Added Tax Act, 2004, any person or entity having annual turnover of more than Rs 20 lakh has to mandatorily register with the Department of Trade and Taxes, get a TIN number, file quarterly returns and deposit the tax monthly. Shri Yadav further informed that estimated tax evasion by the firm is Rs 10 crores.
The department has initiated action against the firm under various penal provisions of the DVAT Act 2004. FIR is also being lodged against the firm in the concerned police station under various provisions of the DVAT Act 2004 and Indian Penal Code for prosecuting the firm in the court of law.