Biggest recovery ever! IT raids recover ₹150 cr from manufacturers of ‘Samajwadi Perfume’

New Delhi, December 24: In what you called the biggest recovery from tax raids, the Income Tax department has recovered Rs 150 crore cash from the premises of Piyush Jain, who is close to Akhilesh Yadav. Vivek Johri, Chairman, Central Board of Indirect Taxes and Customs (CBIC) gave the information about it.

 

 

Johri added that the concerned department had received information that pan masala and gutka company Trimurti Fragrances is transporting materials without any invoices and without paying taxes. "We searched their 3 entities and recovered approx Rs 150 crore cash. This is the biggest recovery ever in the history of CBIC," he said, adding that no arrest has been taken place so far.

 

"A case of fake invoicing and fake credit was reported... In search we found an item on which GST tax rate is of 28% plus cess," he said, adding that Goods and Services Tax (GST) law is that if an invoice is more than a certain limit then one needs to generate invoices.

 

 

 

The Income Tax team first reached the Anandpuri residence of Piyush Jain in the city along with the currency counting machine. Similar I-T raids were underway at Jain's establishments in Mumbai and Gujarat. The raids began on Thursday morning simultaneously in Kanpur, Mumbai, and Gujarat and ended late in the night.

 

According to officials, Piyush Jain has around 40 companies, including two in the Middle East. As per the preliminary search, the probe revealed that the people involved in the case were dispatching material without any invoice and e-way bills. About two three parties are involved in this. All the invoices we found were fake and the value of the item was suppressed.

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