Cadbury under excise scanner
Slapped with Rs 252 crore for evasion of excise duty.
Tags: CadburyMarch 07, 2013 | comments ( 0 ) |
Cadbury India is alleged to have furnished false documents and pretending to make chocolates in a non-existent factory to avoid paying excise duty. The tax authorities are considering of slapping criminal charges against the brand. The Directorate General of Excise and Customs Intelligence has issued a show-cause notice against the company, raising a demand of Rs 252 crore for alleged evasion of excise duty.
Cadbury received permission for making confectionery products in the new plant in Baddi, Himachal Pradesh in January 2011. However, as per the falsified papers, the plant show that manufacturing began in 2010. Factories that began production before March 2010 were eligible for a 10-year tax break. Goods made in another factory were routed through Baddi as production had ot yet begun.
The company has been given 30 days to repond to the notice.
- Reliance Retail & Jio to jointly launch new e-commerce platform
- CCI gives nod to Samara Capital-Amazon's joint bid to buy More
- SoftBank eyes 40% stake in FirstCry for $400 million
- Vivo India launches 'Vivo Xchange' program in partnership with Cashify.in
- Milkbasket expands operations to Bengaluru
- Manyavar launches another store in Punjab
- Ola raises Rs 150 crore from Flipkart's Co-Founder Sachin Bansal
- Ananth Narayanan steps down as Myntra Jabong CEO
- DailyNinja celebrates 15 million orders fulfilled
- John Jacobs looks to garner Rs 500 crore revenue by March 2021