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: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: articles on VAT and GST in India :: TDS :: due date for vat payment :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: Central Excise rule to resale the machines to a new company :: VAT Audit :: list of goods taxed at 4% :: empanelment
 
 
News Headlines »
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 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

Tax Department to publish list of service tax defaulters
October, 06th 2014

The revenue authority plans to prepare a list of service tax defaulters and publish it. This is part of the arrear recovery plan for all indirect taxes, such as customs duty, excise duty and service tax.

“In service tax law, provision is available for publication of the names of defaulters, list should be prepared,” minutes of the conference of the Chief Commissioners and Director General, Central Board of Excise and Customs (CBEC) said. Zone-wise lists of defaulters of custom and excise duty are already in the public domain with an advice to pay dues immediately.

The service tax authorities got the power last year to arrest and prosecute service tax evaders And a number of arrests have already been made. It may be noted that at the end of 2012-13, there were over 17 lakh registered service tax assessees, but only seven lakh were filing returns on a regular basis. The Finance Ministry considers the rest as evaders, and many of these are also considered defaulters.

As on March 31, 2014, the total indirect tax arrears stood at around Rs. 1.50 lakh crore. Out of this, arrears of approximately Rs. 73,000 crore have been stayed by various authorities. Further, little over Rs. 50,000 crore is involved in cases where recovery has been restrained by the authorities, i.e., the Board for Industrial and Finance Reconstruction (BIFR), Debt Recovery Tribunal and Official Liquidator (OL) appointed by courts etc., or cases in respect of which the initial appeal period is not yet over.

The tax authorities also said that arrears of little over Rs. 5,300 crore are not recoverable, as in those cases the assesses are either not traceable or do not have assets from which recovery can be made. After deducting all these, over Rs. 20,200 crore can be termed as recoverable.

According to the action plan, the indirect tax officials have also been asked to focus on recoverable arrears.

The other key features of the plan include filing of revised affidavits for first charge with BIFR and OL, details of untraceable defaulters to be electronically forwarded to nodal officers for taking it up with Financial Intelligence Unit and setting up committees by Chief Commissioners to write off cases expeditiously, filing of petitions for early hearing in CESTAT (Customs, Excise and Service Tax Appellate Tribunal) besides others.

Strong arrear recovery is part of revenue augmentation which also includes audit, anti-evasion, adjudication, scrutiny and the third party information.

All these are critical as the Ministry has a set a target of Rs. 6.23 lakh crore to be mobilised through indirect taxes, which requires a growth rate of 25.8 per cent. However, in the first five months (April-August), collections grew by just 4.6 per cent.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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