21 Sep 2017
Live Post
Hathway’s cable TV and broadband capex to be Rs 270 cr in FY18
Cut in interconnect charge may boost RIL's EPS by 8%
Package soon to boost economy; no cuts in fuel rates: Arun Jaitley
Global child bride racket busted in Hyderabad, 20 arrested
Tracked so far: Rs 75 crore in Dera bank accounts
Violence in Tripura: Journalist hacked to death, sec 144 imposed

213 service tax evasion cases against BCCI and IPL, says govt

MUMBAI: There are 213 cases of service tax evasion against the BCCI/Indian Premier League (IPL) totalling Rs 261.64 crore (Rs 2.62 billion) between 2009–10 and 6 May 2014, Minister of State for Finance Jayant Sinha said in the Lok Sabha.

Besides, the Enforcement Directorate (ED) has issued show-cause notices (SCNs) involving an amount of Rs 2,148.3 crore (Rs 21.48 billion) of contravention of provisions of Foreign Exchange Management Act, 1999 (FEMA) against the BCCI, Lalit Modi and others, Sinha added in the written reply.

He also said that four SCNs have been adjudicated and penalty of Rs 98.35 crore (Rs 983.5 million) have been imposed.

Sinha also replied in the affirmative when asked whether the BCCI/IPL has allegedly violated taxes and money laundering laws/regulations in organising sports events in the country.

Earlier the government had said that the ED is investigating the actual beneficiary of the Rs 425-crore (Rs 4.25 billion) facilitation fee paid by broadcaster Multi Screen Media (MSM) to World Sport Group for acquiring IPL broadcast rights for South Asia.

In its action taken report to the Parliamentary Standing Committee on Finance, the government also said that it is not only investigating the award of broadcast rights by the BCCI to the WSG, but also the allegation of payment of facilitation fee by MSM.

The report had added that the investigation so far has revealed that the BCCI had extended guarantees to the tune of $18.6 million in violation of FEMA rules for auction of foreign players.

It also stated that during Season 2 of IPL in South Africa, the BCCI had remitted an amount of $49.86 million without permission of the RBI for opening and/or operating foreign currency account in the African nation.