Yet to find out tax liabilities of raided fragrance dealer: DGGI

Clarifying that tax liabilities from the current money seizure from searches performed on the residential and enterprise premises of Uttar Pradesh-based businessman Peeyush Jain are but to be decided, GST authorities on Thursday stated no deposit of tax dues has been made up to now.
“The total amount of cash in the ongoing case from residential and factory premises of M/s Peeyush Jain has been kept as case property in the safe custody of the State Bank of India pending further investigations. No deposit of tax dues has been made by M/s Odochem Industries from the seized money to discharge their tax liabilities and their tax liabilities are yet to be determined,” the Directorate General of GST Intelligence (DGGI) stated in a press release.

Citing some reviews which said that the division is treating the Rs 197.49-crore money recovered from Jain as enterprise turnover and a fourth of it being allowed to be deposited as tax, DGGI known as such reviews “purely speculative”. Voluntary submissions by the accused are beneath investigation, which can determine the precise nature of the legal responsibility, it said.
The DGGI said, “Voluntary submissions made by Shri Peeyush Jain are a subject matter of ongoing investigations and any view on the source of cash seized by the department and the exact tax liabilities of M/s Odochem Industries or other parties involved in the investigation shall be taken on the basis of appraisal of evidences collected from various premises during the searches and the outcome of further investigations.”

A complete Rs 197.49 crore money, 23 kg gold and a few offending items of excessive worth have been recovered up to now in searches carried out in UP’s Kannauj at Odochem Industries — a producer of perfumery compounds — and its proprietor Peeyush Jain, the assertion stated.The division denied it had handled the recoveries as turnover and the accused has been allowed to deposit Rs 52 crore as tax dues. Such reviews are with none foundation and search to “undermine the integrity of the ongoing investigations which are being carried out in a most professional manner based on specific intelligence”, it stated.
The DGGI stated that “based on voluntary admission of guilt and evidence available on record,” Jain was arrested on December 26 and produced earlier than the competent court docket the following day, which despatched him to 14 days of judicial custody. Jain has been charged beneath Section 132 of the Central Goods and Services Act, 2017, which offers with offences of supplying any items or providers with out an bill, the problem of any bill or invoice with out provide of products or providers, or evading tax.