I-T teams arrived in 120 cars and launched simultaneous raids across the Bengaluru
On Thursday, the Income Tax Department was conducting simultaneous raids in 50 locations linked to jewellers in Bengaluru.
The raids were taking place at the offices and residences of jewelers, and also at the premises linked to M Chandrashekar, Secretary, Coffee Board, sources stated.
The raids are conducted in upscale localities of Malleshwaram, Sadashivanagar, Dollars Colony, Mathikere, Sarjapur Road, RMV Extension, and others.
The raids were underway at the residence and office of Chandrashekar, Secretary, Coffee Board. Sources said that the raids are happening in view of the transactions of Chandrashekar with the jewellers.
The sleuths arrived in 120 cars and launched simultaneous raids across the city.
The teams have been mobilized from Chennai, New Delhi. More details are yet to emerge regarding the raids.
Last week, similar raids were conducted on jewellers in the backdrop of tax evasion in Bengaluru. Sources explained that based on the documents obtained, the present raids were being conducted. Some of the jeweller’s houses and offices are being raided again.
[With Inputs from IANS]
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Gold jewelers, buyers & sellers should provide monthly, semi-annual & annual material reconciliation reports, which should match with payment / cash transactions i.e. a type of balance sheet that banks do every day. This will bring transparency & reduce gold smuggling.
Purchases made from gold smugglers will not be able to provide valid receipts with GST paid & will be caught during semi-annual & annual audits. This data to be available on a portal which key income tax or tax officials can access it online & monitor the transactions (material weight sold, purchased or stocked..etc..)