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 :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT Audit :: due date for vat payment :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: cpt
 
 
« Service Tax »
 Pay tax once on the input, deduct it from the output
 GST Network to begin accepting fresh registrations from June 25
 Indian GST is significantly unique, but is it better?
 GST example of national integration
 6 reasons you need not fear the GST regime
 Tax return filing extension on GST may not be enough
 GST: ‘Tech readiness, tax administration key challenges’
 GST return filing rules relaxed for Jul-Aug, July 1 rollout
 GST Council gives return filing breather to India Inc for 2 months
 All eyes on 18 June as GST Council meets to iron out niggling issues
 GST Council's June18 meet to finalise e-way bill, anti-profiteering rules

Case against JPSI for 'tax evasion'
November, 10th 2011

The Formula One race organizers in India, Jaypee Sports International Ltd (JPSI), seem to have landed in trouble with a central revenue intelligence agency -- under the finance ministry -- booking a case against the organizers for evading payment of duties to the tune of Rs 20 crore.

The Directorate General of Central Excise Intelligence (DGCEI) has booked a case of duty evasion against the organizers of F1 race held in Greater Noida last month. The organizers had paid Rs 200 crore to the F1 brand owners but DGCEI alleged they did not pay the 10 per cent service tax on the remittance.

Though, normally, the company receiving payment in lieu of services rendered deposits the levy, in this case since the company was not based in India, the obligation was on the organizers to deduct the tax and make payments, a senior finance ministry official said.

"I'm not aware of any such thing. We have spent thousands of crores on putting up a good show so why should we not pay Rs 20 crore. We're law abiding citizens and we're sure that the law will take its course in a democracy," was JPSI MD Sameer Gaur's response.

DGCEI officials have also picked up account books and other documents from the organizers to ascertain all receipts and payments made during the Formula One event to calculate the company's total tax liability.

The government is likely to make at least Rs 20 crore every year from the payment the organizers will make to the F-1 brand holding company for using the brand. The other tax earnings would be from income tax, service tax on tickets sold, advertisement revenue, etc.

The government also earns by way of customs duty on import of beverages, special petrol and vehicles. Barring vehicles, all other items are subject to customs duty as they are consumed in India and not re-exported. On the items that are re-exported the government refunds duties up to 98% on the amount of tax paid.

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

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