Raids on readymade garment traders in Gujarat reveal tax evasion worth Rs 1.48 crore: SGST Department
Following raids on 15 traders in different parts of the state earlier this week, the State Goods and Services Tax (SGST) department in Gujarat said on Saturday that it had unearthed tax evasion of nearly Rs 1.48 crore in the B2C (business-to-consumer) readymade garments sector.
In what it described as a proactive move to address the growing concern of sales without invoices, and under-reporting of tax liabilities in the B2C sector, 'the State GST Department conducted searches on May 21 on 15 taxpayers located in Mehsana, Palanpur and Ahmedabad, engaged in the trading of readymade garments'.
During these searches, the department said it uncovered several irregularities, such as concealed sales and deliberate under-reporting of taxable transactions to avail benefits under the composition scheme.
Businesses with annual turnover of up to Rs 1 crore can opt for the composition scheme under which traders and manufacturers are allowed to pay taxes at a reduced rate of 1%.
The Gujarat SGST department said it has initiated appropriate legal action to recover the tax amount evaded, and secure the government's revenue.
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