There are many cases where importers of goods in India, label the goods as stock-lot and declare a ridiculously low cost of goods. By doing this they not only pay much lower taxes but also, play around the classification of goods (HSN codes) for calculation of lower custom duty.
This modus operandi is rampant in paper industry, where large importers resort to declaring the good as stock-lot ( rejects etc) and connive with the custom officials for clearance of goods by paying much lower duty. This has huge impact not only on the government revenues but also on the prices & distribution of genuine (& local) products in the market.
For petty gains, importers make the country bankrupt on one hand and kill the domestic industry with the other. There is an increased tendency to do such practices across products, which is also a result of large scale corruption within the government departments.
Such economic offences which take the country and the industry backwards, needs to be dealt with an iron hand. These violators needs to be punished like an “economic terrorist”, which have an agenda like “War Against The State”
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