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: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: form 3cd :: TDS :: due date for vat payment :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: cpt :: empanelment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
VAT (Value Added Tax) »
 Amendments in the second Schedule received from Finance Deptt.
 VAT exemption stays in tax reform bill
 Income Tax Appellate Tribunal Bangalore Banches Bangalore 'A' Bench DB Case Causelist for The Week from 22-05-2017 To 25-05-2017
 Amendments in Second schedule appended to Delhi Value Added Tax Act, 2004
 Haryana govt exempts solar devices from VAT net
 Court rules out VAT on Paradise equity transfer
 VAT gone but riddle of derivatives traded on commodity exchanges lives on
 Rule 2(L) Of Cenvat Credit Rules, 2004 Amended
 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

Delhi launches crackdown on 10,000 VAT defaulters
January, 06th 2014

The Delhi government's Trade and Taxes department has launched a crackdown on businessmen evading value added tax (VAT) worth hundreds of crores of rupees.
Official sources said many businessmen and dealers in the Capital indulged in manipulation of their VAT accounts to avoid paying taxes, causing huge revenue losses to the state exchequer.

Huge dues

The department officials have zeroed in on about 10,000 dealers having discrepancies in their accounts, and served notices on them.
The Delhi government's Trade and Tax department officials have served notice on about 10,000 dealers whose accounts have revealed discrepancies
The Delhi government's Trade and Tax department officials have served notice on about 10,000 dealers whose accounts have revealed discrepancies
According to an estimate, such discrepancies can lead to outstanding dues of over Rs 500 crore. Moreover, there are many accounts with turnover of over Rs 100 crore for which the department will carry out a special audit with the help of private professionals.

Trade and Taxes Commissioner Prashant Goyal said: "We have started screening of VAT returns of traders to detect defaulters. Shockingly, thousands of dealers have been found to be having discrepancies in their accounts."

Rectify accounts

So far, this financial year, the department has issued over 10,000 notices.
"The number will increase in coming months. All such traders have been given opportunity to rectify their accounts and deposit the outstanding," Goyal said.
A senior official said manipulation has been detected by matching the figures in annexures of 2A and 2 B which is submitted by traders while filing VAT returns.
"2A form represents purchase and 2 B sales. When we matched them there were huge discrepancies in many accounts," the official said.
Considering the large-scale tax evasion in the city, the department has tightened its noose around the defaulting businessmen.

"We detected that manipulation was bigger in the cases of big businessmen whose transactions were in hundreds of crores annually," said a senior officer, adding that they recently concluded a case of tax evasion of Rs 110 crore by a reputed contractor.

"We have issued notices to such companies and many of them have challenged it in courts. In some cases they have approached the Supreme Court after getting no relief from the high court," said the officer.

There are many big infrastructure companies, builders and others who don't cooperate during tax raids.
"We have conducted many raids in past. Strangely, we have found that they don't keep records of their business in their registered office in Delhi. Rather, they keep it in their Gurgaon based offices or somewhere else. We have no authority to raid the offices outside Delhi. In such cases, we generally seal the offices and issue them notices," he said.

Fudging bills

Kunal, IAS, additional commissioner, Trade and Taxes said that in the cases of banquet halls and caterers, massive frauds in billing have been suspected.
"In many cases, they would fudge the bills to evade taxes in crores. If they charge Rs 1,000 a plate they will show us Rs 500. If they have given service to 10,000 consumers, they will show us 7000 or less."

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 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