The Income Tax Department raids on Cafe Coffee Day(CCD) retail chain since Thursday found Rs 650 crore concealed income from the documents seized, said an official on Sunday.
“Documents seized from the search operations at 25 places of Cafe Coffee Day and its group companies in Karnataka, Mumbai and Chennai have revealed concealed income of over Rs 650 crore,” a senior tax official told IANS here.The search and seize operations, which began on September 21, concluded on Sunday evening in the offices of the group involved in coffee, tourism, IT and other areas.
“The searches concluded with the group’s officials admitting to concealed income exceeding Rs 650 crore and the detection of undisclosed income, which is expected to be a much higher figure,” said another tax official in an e-mail to IANS.
The offices and residence of CCD’s founder-owner read more
Rental income from residential property has been exempt from GST but any earning over Rs 20 lakh annually from renting or leasing for commercial purposes would attract the levy.
Revenue Secretary Hasmukh Adhia said that if the house property is rent out for shop or office purpose, no Goods and Service Tax (GST) will be levied up to Rs 20 lakh.
“Rental income received from residential house is exempt. But if you have given your unit to commercial enterprise, then it is taxable if you are getting more than Rs 20 lakh as rent,” Adhia said at the GST Master Class.
The taxpayer earning more than the exempted threshold will have to register with the GST Network and pay taxes.
GSTN Chief Executive Prakash Kumar said that as many as 69.32 lakh registered excise, service tax and VAT payers have migrated to the GSTN portal. There are over 80 lakh such assessees in the earlier indirect taxation regime.
Out of the 69.32 lakh, as many as 38.51 lakh have completed the entire registration process and registration certicate is being issued to them.
The remaining 30.8 lakh taxpayers are being sent SMS and emails by GSTN so that they READ MORE