Top Tolly producer evades GST, could be jailed!
- IndiaGlitz, [Thursday,February 22 2018]
In a shocking revelation, a national daily has reported that a top Tollywood producer is in the bad books of the Hyderabad GST Commissionerate (Central Tax) for evading GST to the tune of Rs. 7 crore.
This unnamed producer has delivered three super hits in the last 8 months. Only such clues are being revealed by different media reports.
While the producer has agreed to pay all the dues, there is more to it. As per the law, any individual who evades GST to the tune of more than Rs. 5 crore is liable to be issued a non-bailable warrant (NBW). Penalties (which is 100 percent) and interest (18%) are prescribed under the law for the offence. Once due procedures are followed and he is adjudged guilty, the producer could be imprisoned for 5 years!
As of now, the producer has to pay the evaded tax and penal interest within 7 days, failing which he will be jailed immediately.