Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TDS :: list of goods taxed at 4% :: VAT RATES :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: empanelment :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India
 
 
Service Tax »
 GST Return Filing: How to handle discounts and additional cost
 GST base looks set to be at least 25% wider than earlier tax regime
 Businesses struggle with multiple tax rates, returns
 Common use items exempt from e-way bill provision under GST
 Goods And Services Tax Sends Taxes Racing
 How GST lesson can unleash untapped potential of education sector in India
 Services sector PMI falls most in 4 years on GST
 Missing column in GSTR 3B form leaves input claims a shaky edifice
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST
 GST not easy to implement but tax base expansion will benefit all
 Goods and Services Tax was not an easy reform to implement

About Rs 600 cr service tax evasion detected by Finance Ministry
October, 11th 2013

In its effort to check any leakage of indirect tax revenue, the Finance Ministry has detected service tax evasion of about Rs 600 crore between January and July this year.

As many as 569 cases were detected by various central excise and service tax formations across the country during the period. The amount of evasion involved in theses cases is Rs 589.40 crore, a Finance Ministry official said.

An analysis of these cases finds that renting of immovable property, work contract, general insurance, banking and other financial services are prone to service tax evasion.

Besides, business auxiliary services and construction of commercial and residential complex services were also prone to evasion of the indirect levy, he said.

The modus operandi being followed in these cases was wrongly availing cenvat credit, non-registration, short payment of service tax, wrong classification and undervaluation of services, the official said.

The Finance Ministry officials have termed service tax evasion as new focus area and decided to target about 12 lakh assesses who had stopped filing returns. There are 17 lakh registered assesses under the service tax.

The Ministry is also implementing a first-of-its-kind amnesty scheme for service tax defaulters. The Voluntary Compliance Encouragement Scheme (VCES), announced by Finance Minister P Chidambaram, has come into effect from May 10, this year.

It allows a service tax defaulter to pay due without any penalty or late payment charges. Under the scheme, a person may make a declaration to the designated authority on or before December 31, 2013.

As many as 1,400 declarations have been filed under the scheme so far by defaulters liable to pay Rs 650 crore to the government, according to a latest official data.

The Finance Ministry has set indirect tax collection target, comprising customs, excise and service tax, of Rs 5.65 lakh crore for 2013-14, up from Rs 4.73 lakh crore in the last fiscal.

There are over 100 services including restaurant, hotels, stock broking, mandap keepers, beauty treatment and outdoor catering which entails service tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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