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Bengaluru, Feb 27: About 60kg of unaccounted gold ornaments worth Rs. 21 crore were unearthed by officers of the Commercial Taxes Department of Karnataka Government.

The ornaments were recovered after the department conducted surprise inspections and raided business premises of wholesale jewellery dealers in Ranganatha Mansion and Sakalajee Market in Chickpet area of Bengaluru on Tuesday.

"The raid was based on information that many traders from other states visit the city and carry gold jewels without any valid documents and supply it to local jewellers without invoices," said Srikar MS Commissioner of Commercial Taxes in a statement.

The officers raided the premises of 23 jewellers and found 60 kg gold ornaments in stock which were not covered by valid documents. A penalty was levied on the undocumented ornaments.

"It is informed that the enforcement wing is keeping a close watch on the interstate movement of gold, silver and all the dealers in the state are hereby advised not to buy any goods without valid purchase invoices, added Srikar MS.

With the steep hike in excise duty in the past couple of months, an average consumer of petrol now pays over 275% in taxes to centre and states on a litre of the fuel.  The base price of petrol is just about Rs 18. The taxes are close to Rs 50 and the pump price is over Rs 72.

India imports 85% of all its crude oil demand.  After a steep hike in excise duty in the past two months despite a hold on daily price revisions by the oil public sector undertakings (PSUs), Indian consumers now pay 275% collectively in excise duty to state and centre. 

The central government hiked excise on petrol and diesel by Rs 10 and Rs 13 respectively last month. The excise duty on petrol is taxed around Rs 33-a-litre while the same on diesel it is Rs 32.

The Value-Added Tax (VAT) on both petrol and diesel is Rs 16.44 and Rs 16.26 respectively. Both the taxes together are around Rs 49 while it is sold at petrol pumps at 73-per-litre.

These two taxes cumulatively account for 69% of tax which is higher than anywhere else in the world. The same is taxed at 19% in the US, 47% in Japan, UK 62% and 63% in France. The government does not pass on the benefit of lower crude oil prices to the customer.

It is to be noted that Indian consumers continued to pay Rs 70-a-litre even when crude oil prices hit a paltry US $ 20-a-barrel on April 12.

Former finance minister and Congress leader recently took a jab at the Centre over rising prices stating, “Fuel selling prices raised twice in two days, following tax hikes two weeks ago. This time to benefit oil companies. Government is poor, it needs more taxes. Oil companies are poor, they need better prices. Only the poor and middle class are not poor, so they will pay”.

Mangaluru, Feb 16: Leaving spectators awestruck, Karnataka's Srinivasa Gowda ran 142.5 meters in 13.62 seconds at traditional buffalo race Kambala, following which people started comparing him to former Jamaican Sprinter Usain Bolt.

Gowda, who is from Mudbidri town, accomplished the feat during a Kambala race in a paddy field in Kadri on February 1.

"People are comparing me to Usain Bolt. He is a world champion, I am only running in a slushy paddy field," said Srinivasa Gowda.

People took to social media and drew a parallel between him and Bolt. Twitterati hailed Gowda and his accomplishment on the muddy grounds.

Kambala is an annual buffalo race held in the southwestern state of Karnataka.

Traditionally, it is sponsored by local Tuluva landlords and households in the coastal districts of Dakshina Kannada and Udupi.

"I'll call Karnataka's Srinivasa Gowda for trials by top SAI Coaches. There's lack of knowledge in masses about the standards of Olympics especially in athletics where ultimate human strength & endurance are surpassed. I'll ensure that no talents in India is left out untested," Union Sports and Youth Affairs Minister Kiren Rijiju tweeted on Saturday.