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Black money: Indirect tax evasion of Rs 50,000 crore uncovered

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  11 May 2016 12:00 AM GMT

NEW DELHI, May 10: Listing steps taken to curb black money within and outside India, the government on Tuesday said that it has uncovered indirect tax evasion of Rs 50,000 crore and undisclosed income of Rs 21,000 crore in the last two years.

“Enhanced enforcement measures have resulted in unearthing of tax evasion of approximately Rs 50,000 crore of indirect taxes and undisclosed income of Rs 21,000 crore,” a fince ministry statement here said.“The value of goods seized on account of smuggling activities has increased to Rs 3,963 crore in the last two years (32 per cent increase over corresponding two previous years).

“Prosecution has been launched in 1,466 cases as against 1,169 cases in the previous two years (25 per cent increase),” it said.

A new Black Money Act with strict pelty provisions had been ected and a Special Investigation Team (SIT) under former Supreme Court judge M.B Shah was constituted, it added.“Many recommendations of SIT have been implemented since then,” it said.

Moreover, a new Income Disclosure Scheme has been formulated for those holding undeclared assets to pay a total tax and pelty of 45 per cent, and declare their assets, it added.

Further, amendments have been made to the Prevention of Money Laundering Act (PMLA) to eble attachment and confiscation of equivalent assets in India where the asset located abroad cannot be forfeited.

Section 132 of the Customs Act, which deals with offences relating to false declaration or documents in the transaction of any business, has been made a predicate offence under PMLA to curb trade-based money-laundering.

“The offence of wilful attempt to evade any tax, pelty or interest referred to in section 51 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has been made a scheduled offence under PMLA,” the statement said. (IANS)

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