Raid on Jewellery Shop by GST Department

The Punjab GST Department‘s team of District-3 took action and raided a jewellery businessman near Fountain Chowk, Ludhiana for the second time in the same month.

The team of departmental reached the office of Deep Sons Silver Jewellers around 11 a.m. and till around 2:30 p.m. they engaged in the action.

On the directions of Assistant Commissioner District 3, this action was taken, during the period of time, Iti Gupta (State Tax Officer), Rajesh Kumar (Inspector), Shiv Garg, and many police personnel were present on the spot.

The stock and its related documents were checked during the action, according to the information received from departmental authorities.

The officials have taken action against the jewellers on the uncertainty of tax evasion. Apart from this, the departmental officers seized a large amount of stock books, inventory, and purchase books from the spot, which the officers will now review in detail and detect tax evasion and impose penalties.

According to the sources, the jeweller has an old shop near Thakur Dwar of Ludhiana but after 15 years the shop is in Fountain Chowk. Also, a factory is in Hambra Road.

Consumption of silver is approximately 50 kg every single day by the jeweller. The GST rate is 3% on gold and silver items and 18% on Wax items.

The sources added that the person is taking advantage of this GST tax slab and is deceiving the revenue of government by cutting 3% bills on 18% of items but the department’s official statement is yet to come about this matter.

Due to the continuous action of the department in the same month, there is an atmosphere of fear among the businessmen and jeweller traders.

Gold and silver are being smuggled from abroad to India, in which some of the smugglers are also from Ludhiana. some of the mobile phone sellers of Ludhiana are bringing gold and silver into India through iPhones and these smugglers are related to many jeweller businessmen of Ludhiana due to which the department is taking action against the jewellers.

Further action will be taken on the basis of an inventory of all the things that have been made on the spot. The officials said that a huge quantity of manipulation is being seen in the said books, due to which heavy penalties can be claimed.

According to the sources, the department seems very satisfied with this action, thinking of getting good revenue from this action. Meanwhile, the department is also deciding the strategy under which other jewellery traders can also be tightened soon due to such huge tax evasion.