NEW DELHI (BLOOMBERG) - India's tax authorities have seized wads of currency notes running into millions of dollars and several kilograms of gold from the premises of a businessman, according to a statement from the Finance Ministry.

The intelligence wing of the goods and services tax department found unaccounted wealth, including around 23kg of gold in the form of biscuits and currency worth more than US$24 million (S$32.5 million), from perfume trader and tobacco products manufacturer Peeyush Jain.

The seizures were carried out at the premises of Trimurti Fragrance, Odochem Industries and a transport company called Ganpati Road Carriers, all based in the north Indian state of Uttar Pradesh.

"This is the biggest ever seizure of cash by the Central Board of Indirect Taxes and Customs. The documents seized from the premises are under scrutiny," the statement said.

The agency recovered raw materials for manufacturing perfume, including 600kg of sandalwood oil worth 60 million rupees (S$1.1 million) hidden in an underground storage tank, the statement added.

Trimurti Fragrance has admitted to tax evasion and deposited more than 30 million rupees towards tax liability, the ministry said.

During interrogation, Mr Jain also accepted that the cash recovered from Odochem Industries is related to sale of goods without payment of GST.