Saturday, July 31, 2021

GST tax credit probe: I-T conducts surveys at Zee and L&T offices

The Earnings Tax (I-T) Division Monday performed surveys on the places of work of Zee Leisure Enterprises Ltd and Larsen & Toubro (L&T) Ltd as a part of an ongoing tax investigation towards the 2 companies by the Directorate Normal of GST Intelligence (DGGI), stated sources.

A DGGI probe has allegedly discovered that each Zee and L&T have availed bogus enter tax credit score below GST. The DGGI is investigating the information of those companies for the final 5 monetary years. “The knowledge gathered by the DGGI was despatched to the Earnings Tax Division even because the GST probe continues to be on in order that it might take well timed motion,” sources accustomed to the event stated.

Sources stated beginning 11 am on Monday, the I-T Division performed surveys at over 15 places within the Mumbai and Chennai places of work of the businesses below Part 133A of the Earnings Tax Act. Some surveys had been additionally performed at their affiliate places of work in a couple of different cities throughout the nation, stated sources.

“Officers from the tax division visited the places of work of the corporate with sure queries. The officers involved of the corporate are offering all of the required info and lengthening full cooperation,” the official spokesperson of Zee stated. L&T didn’t touch upon the matter.

Within the final one month, the DGGI has arrested over 141 folks throughout the nation and booked 3,479 entities in 1,161 circumstances for illegally availing or passing on enter tax credit score, inflicting loss to the exchequer of Rs 13,447.95 crore .

On the finish of buying and selling on Monday, shares of Zee Leisure had fallen 2.58 per cent to shut at Rs 219.15 a chunk, whereas L&T shares had gained 1.43 per cent to Rs 13,15.55 a chunk. The benchmark Sensex at BSE closed 307.82 factors or 0.64 per cent up at 48,176.80.

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