The Himachal Pradesh excise and taxation department has unearthed a huge tax evasion by a Paonta Sahib-based refined non-edible oil manufacturer and imposed a penalty of Rs. 2,100 crore on it.
The economic intelligence unit (EIU) of the Himachal Pradesh excise and taxation department has levied Rs. 1,000 crore on account of tax recovery and Rs. 1,100 crore as penalty. Defaulter will have to deposit the full amount within 15 days.
EIU, in its investigation, found huge discrepancies in production and sale proceeds and short payment of the Entry Tax, and on physical verification it was found that the company had shown much higher production volume, stock transfer and sales as compared to entry tax paid for import of raw material.
Defaulter had also availed Income Tax exemption.