TV sets worth Rs.50 crore seized

New Delhi, November 15: The enforcement wing of the Delhi government on Sunday seized a huge stock of TV sets worth Rs.50 crore in a case of tax evasion, a city government official said on Sunday. The enforcement wing of the trade and taxes department seized the huge stock of LED TV sets from private firm G.S. Overseas in Karol Bagh area of central Delhi.

“The firm was not even registered with the department of trade and taxes. It was not paying any tax although its turnover is above the threshold limit. Estimated tax evasion by the firm is Rs.10 crore,” said Commissioner (trade and taxes) S.S. Yadav. As per the 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, file quarterly returns and deposit the tax monthly. “The department has initiated action against the firm under various pel provisions of the DVAT Act 2004. FIR is also being lodged against the firm,” Yadav said. He said the drive against tax evaders would continue and none would be spared.  (IANS)