LG Electronics and Pentafour Industries are among the six companies whose premises had been raided for evasion of total central excise duty of Rs 1,159.35 crore (Rs 11,593.5 million) in 2002-03, Rajya Sabha was informed on Tuesday.
"On the basis of intelligence, investigations for evasion of central excise duty are undertaken against the companies," Minister of State for Finance A V Adsul said in written reply.
The total amount of estimated evasion of excise duty by LG Electronics, Pentafour Industries, Rajam Industries, Prime Furnasing, Prime Poly Weaves and Pooja Texteprint was Rs 1,159.35 crore, he said.
Adsul listed out the details of companies that evaded central excise duty of Rs 20 crore (Rs 200 million) or more during 2002-03.
As per the list, LG Electronics is estimated to have evaded Rs 45.57 crore (Rs 455.7 million), Pentafour [Rs 25 crore (Rs 250 million)], Rafam Industries [Rs 29 crore (Rs 290 million)], Prime Furnasing (Rs 20 crore), Prime Poly Weaves (Rs 20 crore) and Pooja Textprint [Rs 25 crore (Rs 250 million)], he said.
The minister said appropriate action had been taken to realise the amount due and penalise the defaulting companies.
To a query on the revenue loss due to evasion of excise duty and sales tax in the music industry, Adsul said it was Rs 2.76 crore (Rs 27.6 million) in 2002-03, down from Rs 12.03 crore (120.3 million) in 2001-02.
To another question as to whether there was any income tax due on corporate houses, industrialists and film artists, he said the income tax department does not maintain separate details of income tax due in respect of such categories.
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