The Directorate General of GST Intelligence on Thursday refuted rumours about its proposed handling of the Rs 197.49 crore cash and 23 kg of gold (worth an estimated Rs 11 crore) recovered last week during tax raids on UP businessman Piyush Jain.
The Directorate General of GST Intelligence (DGGI) on Thursday rubbished the report regarding Peeyush Jain s proposal of paying Rs 52 crore as tax dues, saying the report is purely speculative and without any basis.
The GST office on Thursday dismissed as "purely speculative" reports which say the department is treating the Rs 197.49 crore cash recovered from perfume maker Peeyush Jain as business turnover and a fourth of it being allowed to be deposited as tax, saying voluntary submissions by the accused is under investigation, which will decide the exact nature of the liability.
A certain section of media has reported that that Kanpur perfume trader Peeyush Jain and DGGI have reached an agreement, wherein the trader will pay Rs 52 crore as taxes and let free thereafter.
Special Public Prosecutor Amrish Tandon, who represents DGGI, informed a court on Wednesday that Piyush Jain has revealed that he evaded tax and owes a penalty amounting to Rs 52 crore.