Nellore: The vigilance and enforcement officials seized gold and silver stocks worth around Rs 8 crore after finding discrepancies between physical stocks and records at three jewellery shops in Gudur during surprise inspections late on Wednesday.
Acting on the directions of vigilance and enforcement SP K. Srinivasa Rao, officials inspected Nikitha Jewellery, Manasa Jewellery and Sri Saravana Jewellery following information about alleged tax evasion.
At Nikitha Jewellery, officials found 4 kg and 9 grams of gold and 3 kg and 700 grams of silver in excess of the recorded stocks. At Manasa Jewellery, 1 kg and 200 grams of gold and 12 kg and 50 grams of silver were found in excess. Another 1 kg and 250 grams of silver was found in excess at Sri Saravana Jewellery.
The entire excess stock was seized during the inspections, according to K. Narasimha Rao, circle inspector, vigilance and enforcement, and K. Vishnu Rao, deputy commercial tax officer (GST).
The shop owners reportedly told officials that they had documents to establish the purchase of the gold and silver and sought a week’s time to produce the records, which were with their auditors.
Vishnu Rao said officials would verify the documents and, if the applicable GST had not been paid, levy the tax before returning the seized gold and silver.
Officials warned jewellery traders against violating tax and other regulations and said action would be taken if discrepancies or tax evasion were established.
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