Raid on Realty Firm for Evading Rs 10cr VAT
BENGALURU: The Commercial Tax Department (Enforcement wing) has detected that Bengaluru-based realty firm Nitesh Estates Private Ltd had evaded VAT of at least Rs 10 crore on two projects executed between 2006 and 2013.
During a raid on Saturday, officials recovered nearly 400 files and seized the office. The raids will continue on Monday.
Additional Commissioner (Enforcement) D K Ravi told Express that the two projects were Nitesh Forest Hill, completed in 2006, and Nitesh Flushing Meadows, completed in 2013.
According to Ravi, the realty company collected tax from buyers, completed assessment but did not file returns. “This means they have to pay a VAT at 14.5 per cent besides penalty for delayed payment,” Ravi said, adding that considering the two projects were together worth Rs 135-140 crore, the company has to pay an upfront VAT of Rs 10 crore plus the fine. The Commercial Tax Department is also verifying purchase of machinery worth around Rs 280 crore, for which the entry tax of two per cent has not been paid.
“We will continue the raids on Monday and recover more files. The officials have already taken a back up of the hard discs in the MG Road office,” Ravi said.
Read full article: New Indian Express
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