Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: Central Excise rule to resale the machines to a new company :: VAT Audit :: form 3cd :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: due date for vat payment :: empanelment :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARDS :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government

Taxing time ahead for duty-evading sectors
October, 20th 2007
Concerned by low excise collections this fiscal, the finance ministry is planning to crack the whip on specific sectors where it feels cases of excise duty evasion is very high.

Topping the list is pan masala and gutkha makers which the Central Board of Excise and Customs (CBEC) thinks evade a huge amount of excise duties. At a meeting earlier during the month, officials of CBEC discussed various ways to ramp up operations against the sector to increase excise duty collections. It has decided to step up both administrative and procedural activities on the sector. Sources said the department is planning to have increase surveillance and audits of these industries and also have more excise personnel posted with them.

The sector is expected to pay about Rs 2,600 crore revenue this fiscal, and so far excise duty collections from it have been abysmally low.

These products reach the consumers directly from the industries through small vendors and so it becomes easier to evade paying excise duty on them, an official pointed out.

The department also plans to step up operations against several other manufacturing sectors as well, where it feels that duty evasion is very high. These include the metal industry, especially manufacturers of iron, steel and copper; plywood makers and producers of plastic goods.

We will use measures similar to what we have planned against pan masala and gutkha manufacturers on these other industries also, the official said.

Excise duty collections in the fiscal have risen steadily, albeit low rate of about 6% to 7% in the first six months of the fiscal.

Collections have risen by 6.5% to Rs 54,654 crore in April to September 2007, compared to Rs 51,334 crore in the same period last year. In September 2007, the government collected Rs 10,186 as excise duty, an increase of 7.2%.

The finance ministry is concerned by these low figures and is concerned that it may be unable to reach its budgeted target of Rs 1,19,000 crore for 2007-08.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions