Reliance Industries, GMR Power Corp, Indian Aluminium Co Ltd, 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 says excise duty evasion to the tune of Rs 26,941 crore ($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.9,489 crore.
In 2004-05, as many as 7,927 cases were detected accounting for Rs 4,273 crore in excise duty. In 2005-06, as many as 6,689 cases were detected and a revenue loss of Rs 4606 crore on account of evasion of excise duty was detected.
In the current financial year, 3,407 cases were detected upto November last year accounting for a loss of Rs 8,573 crore 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 25 crore as on November 2006'.
Reliance Industries Ltd, Jamnagar, has the largest amount, Rs 172.8 crore, against its name for the year 2004-05. Then comes GMR Power Corporation, which has evaded Rs 138.3 crore 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 121.9 crore.
Reliance Industries is mentioned thrice in the list with a second evasion of Rs 82.87 crore in 2004-05 and a third evasion the same year to the tune of Rs.53.67 crore. The total of excised duty evasion by Reliance Industries for a single year therefore comes to Rs 309.4 crore.
Other notable names in these last four years include, Indian Aluminium Co Ltd for evading Rs 128.2 crore; Baroda Rayon Corp Ltd, Surat, for Rs 50 crore; Hindustant Motors Ltd for Rs 34.35 crore; Chambal Fertilisers Ltd, Kota, for Rs 33.59 crore and Rs 33.57 crore; Gillette India Ltd, Baddi, for Rs 86.43 crore; Escorts Ltd, Faridabad, for Rs 60.28 crore; Computer Graphics Ltd for Rs 40.74 crore; Titan Industries, Rs 27.38 crore; Jindal Drugs Ltd, Jammu, for Rs 27 crore.
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