Raids on jewellery establishments in Kerala unearth tax suppression worth ₹70 crore
The Kerala State GST department has uncovered ₹70 crore in tax suppression following raids on 79 jewellery establishments. Titled 'Operation Aurum,' the initiative aims to curb tax evasion in the gold trading sector.
Why it matters
Large-scale tax evasion in the gold industry significantly impacts state revenue, and these enforcement actions signal a crackdown on informal trade practices.
Tax raids on jewellery shops across Kerala have unearthed tax suppression worth ₹70 crore, the State Goods and Services Tax department said on Saturday.
The raids begun at 3 p.m. on July 30 and continued till the morning hours of July 31. So far, a fine of ₹2.87 crore has been collected as part of the raids titled ‘Operation Aurum.’
The inspections were conducted in establishments that specialised in purchasing and trading old ornaments and converting them into gold bars and new ornaments.
The raids were carried out by the intelligence wing of the department across 79 locations including 37 jewellery showrooms, branches and residences. State GST officials said that the scrutiny of transactions for the previous years is expected to provide details of more tax evasion.
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