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: empanelment :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: cpt :: VAT Audit :: due date for vat payment :: ACCOUNTING STANDARD :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: list of goods taxed at 4% :: TDS
 
 
« Sales Tax »
 Tax on high seas sales becomes dispute area
  State extends GST enrolment deadline
 State extends GST enrolment deadline
 To protect its status, state forms panel to draft legislation on GST
 India Fails to Break Deadlock on New Sales Tax
 Sales tax staff protest against goods service tax council
 Income tax survey on city jeweller
 Service tax levy to weigh on upstream companies’ earnings
 5 pc tax on online sales awaits Cabinet approval
 Amendment to Additional Sales Tax Act unconstitutional: High Court
 Maharashtra will soon achieve Rs one lakh cr sales tax : CM Devendra Fadnavis

Sales tax department busts hawala racket
November, 11th 2008

The state sales tax department has unearthed a hawala racket that was behind the evasion of a huge amount of tax.

This year, in 660 different raids conducted across the state by the investigation wing of the department, it was found that traders have evaded Rs 212-crore tax on a turnover of Rs 2,300 crore.

Sanjay Bhatia, commissioner of sales tax said that these evaders obtain registration under the Maharashtra Value Added Tax Act and procure sale bills without conducting any transactions. The department has taken action against over 550 traders.

Most tax evaders are auto dealers and also include those involved in the trading of iron and steel, non-ferrous metal, computer parts, marble, edible oil and paper.

A separate wing, the Economic Intelligence Unit (EIU), has been set up to deal with such fictitious transactions. "The data available with this unit will be shared with income tax, central excise, municipal authorities and other such agencies,'' Bhatia added.

Appreciating the efforts made by the department to nail the culprits involved in tax evasion, the state finance minister Jayant Patil said, "In comparison to the last financial year, the department is expecting a 21% jump in the revenue that is collected as sales tax.'' In the last financial year, the sales tax department had collected nearly Rs 31,000 crore.

Citing that the results of the first two quarters were according to expectations, Patil said, "The global meltdown will certainly affect the target . It is difficult to assess the damage at this juncture.''

To encourage more traders to file their returns, the state government has introduced a quicker system of e-return and faster refunds. However, out of four to five lakh traders who file their returns, only one lakh make use of this technology. More than 900 traders from Mumbai and 2,000 traders from the rest of the state pay over Rs 1 crore as tax to the department. "For such large taxpayers, a single window system has been started,'' Patil added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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