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
The small and medium enterprises in Uttar Pradesh have pilloried the Yogi Aditya nath
government for purportedly breaching the spirit of ‘One Nation, One Tax’ theme of the Goods and Services Tax
(GST) by mandating e-Way Bill for goods of smaller value.
E-Way Bill is an electronic bill required for the movement of goods above the value of Rs 50,000 under GST. However, the Yogi government has mandated it even for transporting goods of the value of Rs 5,000 and above, which the entrepreneurs claim violated the GST rules, since the threshold is 10 times less than as provided under relevant rules.
Claiming that the e-Way Bill decision had been taken in haste, Micro, Small and Medium Enterprises (MSME) chamber, Indian Industries Association (IIA) has asserted it would hit the state’s small and medium businesses hard, while impairing their competiveness as well.
IIA has submitted its representations to the GST Council chairman, Centre, UP finance ministers, UP Tax department etc seeking the rollback of the decision for providing succour to the sector.
The MSME space in UP is estimated at over 4 million units and the sector contributes almost READ MORE