| Date: |
15-07-2015 |
| Subject: |
DRI detects Rs 25 crore duty evasion by UP based firm |
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AHMEDABAD: The Ahmedabad unit of Directorate of Revenue Intelligence (DRI) has detected Rs 25 crore of duty evasion by a Uttar Pradesh based firm. DRI on Thursday had detained a consignment worth Rs 4 crore at Mundra port belonging to Kanpur based K K Milk Fresh India Ltd and was imported under Export Promotion Capital Good (EPCG) scheme.
During investigation DRI found that in the 2015 the dairy firm had imported old and used machinery worth Rs 104 crore under the EPCG scheme by mis-declaring the same as new machinery to be eligible for exemption from payment of customs duty. The imports were made through Mundra Port and ICD Tughlakabad, New Delhi.
The total customs duty evaded by the importer by such misuse of EPCG scheme has been found to be around Rs 25 crores. Further investigation in the case is going on.
EPCG Scheme under Import Export Policy allows import of capital goods for pre-production, production and post-production at Zero customs duty. The goods should be newly bought and not second hand.
Source : timesofindia.indiatimes.com
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