ibnlive » Business

Jul 11, 2008 at 12:57am IST

Aircraft seized for duty evasion, top firms under scanner

New Delhi: The Customs Department has reportedly seized more aircraft belonging to companies like GMR, Oberoi's and India Bulls, according to sources.

Reports suggest they are part of 250 such planes under the Customs scanner on allegations of duty evasion.

Customs duty on aircraft imported for private use are double than that of the duty levied on corporate jets. Two aircraft of Reliance Industries had been seized earlier.

Sources also said that planes belonging to corporate bigwigs like Tata, DLF, Escorts, Kingfisher, Punj Lloyd are now under Government scrutiny.

Anybody found guilty of acquiring aircraft with duty exemption under Non-scheduled Operator Permit Scheme could be levied penalty up to five times the duty evasion, a Finance Ministry official said.

Sources in the Customs Department said that as many as six aircraft were seized this month but released after the owners provided a bank guarantee and bonds in relation to the cost of aircraft.

Though, there is no official estimate of the duty evasion, sources indicated that Government could collect over Rs 10,000 crore by way of tax and penalty.

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