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Diamond, gold traders evade taxes: DCP
Scores of gold and diamond traders are running their businesses with turnover ranging up to crores of rupees but evading tax, causing huge loss to the state exchequer, according to officials.
Hyderabad: Scores of gold and diamond traders are running their businesses with turnover ranging up to crores of rupees but evading tax, causing huge loss to the state exchequer, according to officials.
Deputy Commissioner of Police, South Zone, V Satyanarayana disclosed this to media persons while announcing the arrest of gold trader Bipin Jain, who cheated gold ornament suppliers and fled India with 50 kg gold ornaments.
According to the DCP, those who manufacture and supply gold and diamond ornaments on a large scale to the retailers are resorting to tax evasion. They fudge records and show lesser volumes of business while major chunk of the transactions are done off the record.
The DCP said that the details of the gold and diamond traders that came to light during the investigation of Bipin Jain case would be shared with Income Tax authorities for necessary action.
