Senior Members, please let me know what effect the following news will have on the market when it opens on Monday.
Reliance Industries, GMR Power Corp, Sterlite Industries, Gillette India Ltd and Computer Graphics Ltd are some of the well-known companies listed by the Finance Ministry as major excise duty evaders for the last three financial years.
A statement by Minister of State for Finance SS Palanimanickam in the Lok Sabha on December 15, says excise duty evasion to the tune of Rs 269.41 billion ($6 billion) was detected in the period till November last year.
The Finance Ministry break up says in the year 2003-04, 9,091 cases of excise duty evasion were detected and this accounted for a loss of Rs 94.89 billion.
In 2004-05, as many as 7,927 cases were detected accounting for Rs.42.73 billion in excise duty. In 2005-06, as many as 6,689 cases were detected and a revenue loss of Rs 46.06 billion on account of evasion of excise duty was detected.
In the current financial year, 3,407 cases were detected up to November last year accounting for a loss of Rs 85.73 billion in excise duty.
The list of 50 provided by the minister to parliament contains the 'names of major excise duty evaders who have evaded more than Rs 250 million as on November 2006'.
Reliance Industries Ltd, Jamnagar, has the largest amount, Rs 1.728 billion, against its name for the year 2004-05. Then comes GMR Power Corporation, which has evaded Rs 1.383 billion in the year 2003-04.
In the current financial year, 2006-07, the biggest excise duty evader is JSW Steels Ltd, which evaded excise duty to the tune of Rs 1.219 billion.
Reliance Industries is mentioned thrice in the list with a second evasion of Rs 828.7 million in 2004-05 and a third evasion the same year to the tune of Rs 536.7 million. The total of excised duty evasion by Reliance Industries for a single year therefore comes to Rs 3.094 billion.
Other notable names in these last four years include, Indian Aluminium Co Ltd for evading Rs 1.282 billion; Baroda Rayon Corp Ltd, Surat, for Rs 500 million; Hindustan Motors Ltd for Rs 343.5 million; Chambal Fertilisers Ltd, Kota, for Rs 335.9 million and Rs 335.7 million; Gillette India Ltd, Baddi, for Rs 864.3 million; Escorts Ltd, Faridabad, for Rs 602.8 million; Computer Graphics Ltd for Rs 407.4 million; Titan Industries, Rs 273.8 million; Jindal Drugs Ltd, Jammu, for Rs 270 million.
Reliance Industries, GMR Power Corp, Sterlite Industries, Gillette India Ltd and Computer Graphics Ltd are some of the well-known companies listed by the Finance Ministry as major excise duty evaders for the last three financial years.
A statement by Minister of State for Finance SS Palanimanickam in the Lok Sabha on December 15, says excise duty evasion to the tune of Rs 269.41 billion ($6 billion) was detected in the period till November last year.
The Finance Ministry break up says in the year 2003-04, 9,091 cases of excise duty evasion were detected and this accounted for a loss of Rs 94.89 billion.
In 2004-05, as many as 7,927 cases were detected accounting for Rs.42.73 billion in excise duty. In 2005-06, as many as 6,689 cases were detected and a revenue loss of Rs 46.06 billion on account of evasion of excise duty was detected.
In the current financial year, 3,407 cases were detected up to November last year accounting for a loss of Rs 85.73 billion in excise duty.
The list of 50 provided by the minister to parliament contains the 'names of major excise duty evaders who have evaded more than Rs 250 million as on November 2006'.
Reliance Industries Ltd, Jamnagar, has the largest amount, Rs 1.728 billion, against its name for the year 2004-05. Then comes GMR Power Corporation, which has evaded Rs 1.383 billion in the year 2003-04.
In the current financial year, 2006-07, the biggest excise duty evader is JSW Steels Ltd, which evaded excise duty to the tune of Rs 1.219 billion.
Reliance Industries is mentioned thrice in the list with a second evasion of Rs 828.7 million in 2004-05 and a third evasion the same year to the tune of Rs 536.7 million. The total of excised duty evasion by Reliance Industries for a single year therefore comes to Rs 3.094 billion.
Other notable names in these last four years include, Indian Aluminium Co Ltd for evading Rs 1.282 billion; Baroda Rayon Corp Ltd, Surat, for Rs 500 million; Hindustan Motors Ltd for Rs 343.5 million; Chambal Fertilisers Ltd, Kota, for Rs 335.9 million and Rs 335.7 million; Gillette India Ltd, Baddi, for Rs 864.3 million; Escorts Ltd, Faridabad, for Rs 602.8 million; Computer Graphics Ltd for Rs 407.4 million; Titan Industries, Rs 273.8 million; Jindal Drugs Ltd, Jammu, for Rs 270 million.
