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| Reliance Industries tops excise evasion: Minister | ||||||||||||||||||
| Friday, February 09, 2007 01:10 [IST] IANS |
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A statement by Minister of State for Finance S.S.Palanimanickam in the Lok Sabha Dec 15 says excise duty evasion to the tune ofRs.269.41 billion ($6 billion) was detected in the period till November lastyear. The finance ministry break up says in the year 2003-04,9,091 cases of excise duty evasion were detected and this accounted for a lossof Rs.94.89 billion. In 2004-05, as many as 7,927 cases were detected accountingfor Rs.42.73 billion in excise duty. In 2005-06, as many as 6,689 cases weredetected and a revenue loss of Rs.46.06 billion on account of evasion of exciseduty was detected. In the current financial year, 3,407 cases were detectedupto November last year accounting for a loss of Rs.85.73 billion in exciseduty. The list of 50 provided by the minister to parliamentcontains the names of major excise duty evaders who have evaded more thanRs.250 million as on November 2006. Reliance Industries Ltd, In the current financial year, 2006-07, the biggest exciseduty evader is JSW Steels Ltd, which evaded excise duty to the tune of Rs.1.219billion. Reliance Industries is mentioned thrice in the list with asecond evasion of Rs.828.7 million in 2004-05 and a third evasion the same yearto the tune of Rs.536.7 million. The total of excised duty evasion by RelianceIndustries for a single year therefore comes to Rs.3.094 billion. Other notable names in these last four years include, IndianAluminium Co Ltd for evading Rs.1.282 billion; Baroda Rayon Corp Ltd, Surat,for Rs.500 million; Hindustant Motors Ltd for Rs.343.5 million; ChambalFertilisers Ltd, Kota, for Rs.335.9 million and Rs.335.7 million; GilletteIndia Ltd, Baddi, for Rs.864.3 million; Escorts Ltd, Faridabad, for Rs.602.8million; Computer Graphics Ltd for Rs.407.4 million; Titan Industries, Rs.273.8million; Jindal Drugs Ltd, Jammu, for Rs.270 million.
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