Surat: The Directorate General of GST Intelligence (DGGI) has uncovered large-scale unaccounted trading of silver bullion and articles worth over ₹600 crore in the city amid a sharp surge in precious metal prices. Authorities detected GST evasion of about ₹18 crore and arrested bullion trader Yatin Shah, who has been remanded to judicial custody.

Investigations found that the alleged cash-based trade operated for nearly three years from a 200-square-foot shop in Choksi Bazaar at Bhagal in the walled city. Searches conducted in October 2025 at Sumati Silver and Shah’s residence led to the seizure of parallel “kachha” challan books and other records indicating clandestine supply of silver without tax invoices.

Officials said the unaccounted transactions involved significant quantities of bullion and finished articles sold without proper billing, with links to entities associated with leading jewellers. The downstream jewellery trade generated through these cash deals remains under investigation, which has continued for over four months amid limited cooperation from suspects.

With precious metals attracting 3% GST, large-scale cash trading can enable tax evasion across manufacturing and retail stages, causing substantial revenue loss due to the high intrinsic value of silver. DeshGujarat