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: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: form 3cd :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARDS :: empanelment :: cpt
 
 
VAT (Value Added Tax) »
 Haryana govt exempts solar equipment from VAT
 AP to push for same benefits under GST for VAT exempted goods
 Andhra Pradesh to push for same benefits under GST for VAT exempted goods
 Petrol prices set to rise in Goa with increase in VAT
 Payment systems to remain open on all days from March 25, 2017 to April 1, 2017
 Delhi cuts VAT on ATF to 1% for regional flights; other states to announce the same soon a
 Shops cannot charge VAT on discounted items: Consumer forum
 Delhiites have to pay lowest taxes as AAP govt announces cuts on VAT on various items
 Tamil Nadu minister justifies VAT hike on fuel
 State Government urged to withdraw hike in VAT on petrol, diese
 High VAT may encourage illegal trading

Punjab excise dept. to lodge FIR into VAT evasion by companies
December, 13th 2013

Claiming to have a strong case following more than a month-long probe into the alleged evasion of VAT worth Rs 100 crore in cement imports from Pakistan between 2007 to last September, the Punjab excise and taxation department is likely to get an FIR lodged into the matter.

"The FIR in the case is imminent, likely in this month only. We have collected a good number of documents, which can be ground for getting an FIR lodged," said Assistant Excise and Taxation Commissioner Jaspinder Singh, who has been leading a team of the department's Economic Intelligence Unit in connection with the probe.

He added: "Investigations have revealed that false affidavits were given by six importers, who had floated 15 dummy firms on the names of different persons to get imported consignments of cement released from the Customs at Attari. The bills of entry bore fraudulent signs of persons who were shown to be the owners of the dummy firms. At many places, the same persons have different signatures."

Claiming that they had a watertight case for an FIR, Singh said: "Under Section 108 of Customs Act, Customs house agents of importers have given statements that six importers had used 15 dummy firms."

Asked about the quantum of the scam, he added, "The customs department had pegged it at Rs 100-crore evasion, but we are yet to calculate the exact figure."

After conducting a probe into the alleged scam, the customs department at Attari had sent a voluminous report to the excise and taxation department, which began its own investigations more than a month ago.

The report named six persons -- Mukesh Mahajan, Abhishek Jain, Harish, Karan, Kumar Gaurav and Raghav Aggarwal -- blaming them for floating bogus companies and indulging in VAT evasion.

The bogus firms acted as a buyer in the "high seas sale" in which the actual importer -- who places the order with Pakistani-based cement manufacturer -- sells it to other buyer (based in Punjab) before the actual import takes place. Such a sale in commercial parlance is called high seas sale and the buyer is known as the high seas buyer. The companies were shown located at places like Delhi, Una and Jodhpur besides Amritsar and Jalandhar in Punjab.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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