Nokia company in trouble
Tamilnadu VAT department has raised a demand of Rs 2400 crores against Nokia India Pvt Ltd. The Company had declared Rs 44000 crores as export sales and claimed exemption from TNVAT. However, as assessments began company failed to produce export documents and TN Governement has levied VAT @ 4%. The matter is in the High Court waiting for the decision on April 1.
Intresting case. The decision will be relevent for the companies facing similar issues ie. numbers without supportings.
If documents are not found, Nokia will be in real trouble. If Airway bills and export documents are lost than Nokia have to pay VAT.
Lets see what court says, Court may give decision considering other facts too.