Latest Expert Exchange Queries

Make 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) | 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 :: form 3cd :: due date for vat payment :: cpt :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: empanelment :: TDS :: Central Excise rule to resale the machines to a new company
 
 
VAT (Value Added Tax) »
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I
 How much do you know about VAT as a taxpayer?
 New tax structure not higher than VAT
 Cos will be reimbursed for exemptions that currently exist in the VAT regime
 GST will get states more than VAT
 Is it a modified Value Added Tax?
 GST regime: VAT Commissioner and CBEC to work with businesses
 Amendments in the Second Schedule appended to the Act (Delhi Value Added Tax Act, 2004)

VAT raid finds 150 fake firms evading crores in taxes
October, 01st 2015

In a survey at a single property at the Janakpuri District Centre, the VAT department unearthed VAT evasion of several thousand crores when it came across at least 150 firms and transporters, all of which exist only on paper.

Sources said that the department had received specific information from its business intelligence unit about illegal activity being conducted from the premises. "The enforcement team went for a `survey' and came across around 150 firms and transport companies which do not exist at all. There was a ton of documents which made it clear that there was no business being transacted though we also found several fake receipts. There were about 52 firms registered in Delhi while the remaining are registered in states like Uttar Pradesh and Haryana," said an official.

In fact, there were some 30 to 40 telephones also registered under the names of the fake companies. "If one were to call on any of these numbers, someone would pick up and say they were speaking from the particular transport company . Several people who were at the site were detained for questioning and the department would be filing FIRs against them for violation of the VAT Act and provisions of the penal code.One can imagine the extent of the fraud when you realize that more than 100 companies were operating from a single premise in the district centre," said a source.

The exercise started at 4pm and continued late into the night. Government officials said that the find would have serious interstate ramifications, considering the extent of possible tax evasion.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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