Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get 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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: VAT RATES :: cpt :: articles on VAT and GST in India :: TDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: empanelment :: form 3cd :: VAT Audit
 
 
Service Tax »
 Why is the successful roll-out of the e-way bill necessary?
 How service tax became revenue lifeline for the Govt
 Three simple tricks to save income tax without investing fresh funds
 Goods and Services Tax (Compensation to States) Amendment Act, 2017.
 Services sector need to brought under Section 72A of the Income-Tax Act
 Simplifying GST: Creating a Grand Simple Tax
 The way ahead for goods and services tax
 Goods & Service Tax (GST): Recent Clarifications
 Tax payers can see status of returns filed on GSTN portal
 Export And Import Of Goods Under GST
 The Finance Resolution And Deposit Insurance Bill, 2017

Government warns evaders of excise, service tax
January, 03rd 2013

To contain the fiscal deficit at the targeted 5.3 per cent of the GDP (gross domestic product), the government on Wednesday issued a stern warning to evaders of excise, customs and service tax to either pay up their dues or face penal action such as arrest, prosecution and property attachment.

In a statement issued here, Revenue Secretary Sumit Bose said: “We are keeping a very close watch on such elements. They are advised to come forward and pay all taxes and avail themselves of the benefit of reduced penalty.”

Mr. Bose warned that if the evaders failed to comply with the law they should be prepared to face the consequences, which would include “provisional attachment of property, arrest and prosecution, suspension of Cenvat credit and 100 per cent penalty and interest.”

Urging all assessees to ensure timely and correct payment of customs duty, excise duty and service tax for continued trade facilitation, he said: “It has been observed that a number of Central excise assessees continue removing goods clandestinely, sometime even without registration, misusing Cenvat credit or simply not paying Central excise duties which are due to the government in disregard of the law.”

Likewise, in the case of service tax, Mr. Bose said that it had come to notice that more than half of the service providers who were registered were not filing returns while a number of service providers who should be paying service tax had not yet registered themselves.

“The Department has also gathered information that a number of service providers are collecting service tax from receivers of service but not depositing the tax with the government,” he said.

All services are taxable from July 1, 2012, except those in the negative list and exempted services.

As for evasion of customs duty, Mr. Bose said: “We have seen that some importers and exporters are indulging in under-invoicing on import or over-invoicing in exports and mis-declaration of goods and are misusing exemptions and various incentive schemes to evade customs duty.”

The Revenue Secretary argued that when 70 per cent of the consignments were being cleared by customs on self-assessment basis without any assessment and examination by Department, “it is incumbent upon the importers or exporters to discharge their correct duty liability.”

Noting that some unscrupulous elements are already on the radar of the DRI (Directorate of Revenue Intelligence) and intelligence wings of customs houses, Mr. Bose said such importers and exporters should be ready to face legal consequences, including arrest and prosecution, besides payment of duty with interest, fine and penalty up to 100 per cent of duty evaded.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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