State Taxes deptt realizes fine of Rs 8.76 lakh from defaulters

Srinagar: A team of State Tax Officers and Inspectors of State Taxes Department Thursday realized nearly nine lakh rupees from defaulters in Budgam district.
In a press release issued here, the department collected an amount of Rs 8.76 lakhs from seven dealers under the provision of section 74 of the J&K GST Act 2017 and CGST Act 2017.
The spokesperson said the records of seven dealers of the district were seized from the state taxes office, Budgam for carrying the special audit and the concerned were directed to produce all their purchases and sale along with the bank balance statement for the accounting year 2015-16, 2016-17, 2017-18 and 2018-19.
The premises of unregistered dealer namely M/s Gulzar Medicate Main Chowk Budgam was inspected and books of accounts were seized on the spot for carrying out an assessment for assessment purposes. Further, the business premises of some unregistered dealers dealing with timber and brick kiln were also inspected and on spot, directions were given to them for obtaining registration under the J&K GST Act 2017 within 15 days. The documents of M/s Malik traders Budgam were seized, who had made purchases to the tune of Rs 34.25 lacs as per GSTR 2A without filing the returns.
The penal amount to the tune of Rs 8.76 lakh was also realized from the defaulters under the provision of section 74 of the J&K GST Act 2017 and CGST Act 2017.