Perfume baron Piyush Jain to pay over 187 crore as income tax
Kanpur-based perfume baron Piyush Jain, who is being grilled by various agencies for tax fraud, has offered to pay the whole of the income tax liability arising on his part, as per sources in the agency.
This comes after the Directorate General of GST Intelligence and the Directorate of Revenue Intelligence, Income Tax department initiated an investigation against Piyush Jain.
After interrogating Piyush Jain in jail, sources in the agency confirmed that Piyush Jain has offered to pay the Income tax he is liable for.
Income Tax has fixed 87% tax on the total amount of the seizure made from the premises of Piyush Jain, which is close to Rs 187 crore.
The tax agency had recovered around Rs 197 crore in cash, 23 kg of gold (worth Rs 11 crore as per market value) and 600 kg of sandalwood oil worth Rs 6 crore from the accused’s premises earlier. The seized funds were fixed deposits in Kanpur and Kannauj banks.
Kanpur-based businessman Piyush Jain had already deposited Rs 54 crore in the account of the Drugs Controller General of India (DGGI) Ahmedabad unit after self-assessment.
Although DGGI has still not calculated the penalty on Piyush Jain, but the amount is expected to go beyond Rs 60 crore as per sources in the agencies.
Piyush Jain had paid Rs 4 crore as import duty for the gold found from his house, but he is yet to pay the penalty for illegal smuggling of gold.
In total, Piyush Jain has paid Rs 58 crore as tax and duty and Rs187 crore will have to be paid further by him as Income Tax. After final calculation, the total amount payable by him is likely to exceed Rs 250 crore in total.
