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: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: list of goods taxed at 4% :: VAT RATES :: empanelment :: VAT Audit :: form 3cd :: TDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4%
Customs and Excise »
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Seeks to amend Notification No. 27/2014-Central Excise
 Government doubles limit of excise duty evasion for arrest and prosecution
 Excise duty evasion limit to warrant arrest revised to Rs 2 crore
 Guidelines for launching of prosecution in relation to offences punishable under the Customs Act, 1962
 GST notification triggers uncertainty over excise duty
 Preparing for GST: govt looking at restructuring excise/customs cadre
 Refund of Terminal Excise Duty (TED) under Deemed Exports where Duty has been paid from CENVAT Credit and ab-initio waiver is not available.
 CBEC directs customs officials for random search of vessels
 Rate of exchange of conversion of the foreign currency with effect from 7th July, 2016

Customs department to launch statewide crackdown
January, 28th 2011

Customs department has decided to launch a statewide crackdown on export houses to detect commercial frauds, which were causing yearly losses of around Rs 200 crore to the state exchequer.

"The department is working on a case in which the export house had gained drawbacks to the tune of Rs 33 crore by over-invoicing goods, including textiles, garments and carpets," said additional commissioner  customs SM Akhtar, while talking to TOI on Monday.

He said the department had information that several export houses in cities like Ludhiana, Jalandhar, Amritsar etc were indulging in under-invoicing of imports and over-invoicing of exports to benefit from government's polices framed for the encouragement of importers and exporters.

"In another case, the owners of Intech Export, Jalandhar, voluntarily deposited nearly Rs 3.5 lakh with the customs department after admitting their mistake following detection by the department.

The party was exporting ready to use steel pipes to a party in UK, but had declared the product as rollable steel pipes, which has lesser drawback rates," he said.

The additional commissioner said that the department apprehended that more than 50% of the export houses were indulging in dubious deals and were causing loss to the exchequer to the tune of Rs 200 crore per year.

He said that following detection of these cases the department had decided to launch a statewide operation to crackdown upon such firms. "We will also strengthen the vigilance mechanism and make it transparent by computerizing the whole system," he said.

"Most of these export houses have done dubious deals in countries like Dubai, Sharjah, UAE and Russia, whereas, such practice is lesser in countries like UK, Australia and USA due to stringent rules there," he said.

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

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