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GST raid: Tax evasion of over Rs 1000 crore detected at Kerala jewellery stores
The single-day raid was conducted across 33 jewellery stores in the districts of Thrissur, Malappuram, Palakkad, Kannur, and Kozhikode
The GST intelligence wing detected tax evasion of over Rs 1000 crore after a single-day raid at 33 jewellery stores across Thrissur, Malappuram, Palakkad, Kannur, and Kozhikode. The merchants who were caught were made to pay accurate taxes.
Johnson Chacko, Deputy Commissioner, Goods and Tax department and intelligence officer MK Arun led the raids. The raids began at 3 PM on 26 May, Friday and continued till the afternoon of 27 May, Saturday.
The gold jewellery industry has been a significant part of the economic and social milieu of Kerala. The jewellery demand is perceived as a direct consequence of Kerala’s emigration pattern, especially to West Asia, from the late 1970s. With the economic reforms and the deregulation of the gold industry in the early 1990s, this sector has become a lucrative investment opportunity for investors. Gold retail houses have mushroomed within the state and have pursued an active expansion path outside the country, catering primarily to emigrants from India.
Courtesy: Mathrubhumi
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