In a major operation targeting gold jewellery manufacturing units in Thrissur, the Kerala Goods and Services Tax ( GST ) department seized 120 kg of unaccounted gold. The seizure was as part of an intensive operation targeting unaccounted assets and illegal trading. The seizure represents one of the largest hauls of gold by the Kerala GST Department in recent times and highlights ongoing efforts to curb tax evasion and enforce compliance under GST laws.
The operation resulted in the seizure of unaccounted gold, which was being transported or stored without proper documentation. The market value of this gold is estimated to be substantial, making it a significant find.
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According to official sources, officials found significant irregularities in billing and taxation processes, in addition to seizing the gold. The extensive raids were carried out under the supervision of GST Special Commissioner Abraham Renn S. The raid was conducted based on intelligence inputs regarding the movement and storage of large quantities of gold. This unaccounted stock was flagged for potential violations under GST, as it was held without tax compliance documentation. This operation, dubbed Torre del Oro, is regarded as one of the largest of its kind in the state.
The raid forms part of a broader strategy by the Kerala GST Department to tackle tax evasion in the gold and jewelry sector, where unaccounted gold and cash transactions are common. Such operations aim to bring transparency and accountability in the sector. Entities involved in the illegal storage or transportation of gold are likely to face penalties, potential prosecution, and back taxes on the unaccounted inventory. They may also be subject to a detailed audit and investigation by tax authorities.
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This high-profile seizure sends a clear message to traders regarding the risks of non-compliance with GST laws. The Kerala GST Department has been increasing its scrutiny on sectors like gold and jewelry, where unreported trade is prevalent.
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