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Tollywood Producer Evades Rs 7 Crore GST
By: Tupaki Desk | 22 Feb 2018 8:02 AM GMT
Hyderabad GST Commissionerate (Central Tax) decided to act tough on the Film Producers who have been evading tax. Recently, A Top Producer who evaded tax to the tune of Rs 7 crore upon collecting the amount from various clients has been detected now.
After summons were issued under Section 70 of the Central Goods & Services Act, The Producer appeared before the Tax Officials and confessed to evasion. He paid Rs 2 crore instantly. 10 days time has been sought to arrange the balance Rs 5 crore. Officials granted permission on condition that non-bailable warrant will be issued if the amount wasn't paid in the given time. This is the first of its kind case in South India.
Since July 2017, This Producer has spent as much as Rs 60 crore in the production of three movies and all of them have become super hits. Key documents related to tax evasion were in the possession of Central Tax Officials. Evasion of tax amounting to Rs 5 crore or more is a cognisable offense. In such cases, 100 percent penalty and 18 percent interest will be charged.
After summons were issued under Section 70 of the Central Goods & Services Act, The Producer appeared before the Tax Officials and confessed to evasion. He paid Rs 2 crore instantly. 10 days time has been sought to arrange the balance Rs 5 crore. Officials granted permission on condition that non-bailable warrant will be issued if the amount wasn't paid in the given time. This is the first of its kind case in South India.
Since July 2017, This Producer has spent as much as Rs 60 crore in the production of three movies and all of them have become super hits. Key documents related to tax evasion were in the possession of Central Tax Officials. Evasion of tax amounting to Rs 5 crore or more is a cognisable offense. In such cases, 100 percent penalty and 18 percent interest will be charged.
