Government unearths hordes of black money in past two years
Advertisement
Advertisement
Over the last two years, the Indian government has unearthed as much as Rs 50,000 crore of indirect tax evasion and another Rs 21,000 crore of undisclosed income.
The announcement was made by the Finance Ministry, saying that the crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years. This has seen a 32% jump over corresponding periods in earlier years.
"Enhanced enforcement measures have resulted in unearthing of tax evasion of approximately Rs 50,000 crore of indirect taxes and undisclosed income of Rs 21,000 crore," the statement said.
It also listed the steps that the government took to curb the menace of black money both within and outside India, and said that a new Blackmoney Act has now been enacted with strict penalty provisions, along with a Special Investigation Team (SIT) which is chaired by former Supreme Court Judge M B Shah.
Advertisement
"The offence of willful attempt to evade any tax, penalty or interest referred to in section 51 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has been made a scheduled offence under PMLA," it added.
Image source
Advertisement
- Welcome to the white-collar recession
- Singapore Airlines was ordered to pay a couple compensation for 'mental agony' after they complained their business-class seats didn't automatically recline
- A 101-year-old woman keeps getting mistaken for a baby on flights and says it's because American Airlines' booking system can't handle her age
- “Wish to follow in the footsteps of PM Modi!” ‘Anupamaa’ star Rupali Ganguly joins BJP
- “Wish to follow in the footsteps of PM Modi!” ‘Anupamaa’ star Rupali Ganguly joins BJP
- Assassin’s Creed Mirage on iPhone 15: Killer game to debut on Pro and iPad on June 6
- 5 worst cooking oils for your health
- From fiber to protein: 10 health benefits of including lentils in your diet