After conducting raids at the office and residence of perfume manufacturer Piyush Jain in Kanpur Nagar recently, the Director-General of GST Intelligence (DGGI) said that the tax liability of Jain was yet to be ascertained and denied that he had paid tax through the seized money.
A section of the media had reported that Piyush Jain had, with the approval of DGGI, deposited Rs 52 crore as tax dues. It was believed that with departmental consent, Jain had finalised his tax liability.
Referring to the media reports, a DGCI spokesman said in a statement issued in Lucknow on Thursday, “This is a speculative story as the agency is yet to finalise the tax liability. The total amount of cash in the ongoing case from the residential and factory premises of M/s Piyush Jain has been kept as case property in the safe custody of State Bank of India pending further investigations. No deposit of tax dues has been made by M/s Odochem Industries (company owned by Jain, from the seized money to discharge their tax liabilities and the tax liabilities are yet to be determined.”
During recent raids in Kanpur, the DGGI had recovered cash of Rs 197.47 crore, 23 kilograms of gold and offending goods of high value from the office and residence of Jain. Subsequently on December 26, Jain was arrested under the CGST Act and was produced before a competent court the next day, which remanded him to 14 days’ judicial custody.
