Customs Fraud

The Customs Department investigators are probing whether Gold Quest customers defrauded the state of revenue, by undervalueing imported Gold coins to the country.
GoldQuest customers or Tracking Centre Owners, paid only Rs. 3,000 in duty and taxes for the Rs. 80,000 plus priced gold coins purchased from the companys website.rn

rnThe coins are cleared by a shipping company located in Fort.rn

rnEarlier a courier company cleared the goods and customers were charged around Rs. 9,000 as duty and taxes. rn

rnCustoms investigators said they had already grilled the management of the shipping firm and around 50 customers in the under-invoicing probe. rn

rnThough ultimate buyers had paid upwards of Rs. 80,000 per gold coin, officials say the shipping firm that cleared the goods had declared a lower amount, which was in some cases equal to the gold value. rn

rnCustoms are expected to recover the duty on the transaction value which is paid by the ultimate buyer, and not the price of raw materials.rn

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