Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Service Tax »
Open DEMAT Account in 24 hrs
 Central Govt Extended Time Limit to File Refund Claim of Service Tax on Exported Goods: CESTAT allows Refund
 Filing Income Tax Return Early? Make Sure To File Correct Details
 ITR 3 What is ITR 3 Form & How to File ITR-3?
 ITR Filing 2024: How To Claim Tax Refund Online, Check Step-by-step Guide To Know Status
 Income tax return filing for FY23-24: Check details of Form 16 issue date, ITR forms
 How to maximize tax benefits for senior citizens in India
 Income tax return filing: ITR filing 2024 date is upon us, but should you rush to file?
 Income Tax Return AY 2024-25: ITR-1, ITR-2, ITR-4 Enabled for Online Filing; Check Details
 New Tax Regime: What Is It? How Can You Opt For It? Comparison With Old One
 6 Ways to Save Income Tax On New & Old Tax Regime for FY 2023-24
 Income Tax SFT return filing due date extension: Facility to remain open for a couple of days Latest news

CBEC seeks details of service tax payment from companies
February, 08th 2013

Racing against time to meet revenue collection target, tax authority CBEC has started seeking details of service tax from companies which have paid the same amount as last year or even less than that.

The Central Board of Excise and Customs (CBEC) has written to such companies to furnish documents regarding the nature of services provided by them, tax paid etc. within 10 days of the receipt of the letter.

Besides, the companies have also been asked to submit copies of agreement, works order, contracts, invoices in case of non-taxable service, customer ledger and the trial balance for the period between April and November 2012.

"The documents ... may be furnished to this office within 10 days of the receipt of this letter for detailed scrutiny in order to determine reasons for shortfall in service tax revenue," a letter issued to one of the companies said.

CBEC is of the view that the service tax payment in the current financial year should have been higher on account of increase in tax rate from 10 per cent to 12 per cent in Budget 2012-13.

"This implies that even if there is no growth in turnover of taxable services during the latter period, the tax payment should go up by 20 per cent," it said in the letter.

JK Mittal, co-chairman of indirect taxes council at Assocham said, "Government authorities cannot be allowed to act arbitrarily...the Department has not examined data and sent letters indiscriminately to companies."

Last week, CBEC had issued a stern warning to service tax evaders saying that it would attach properties of companies which fail to deposit the amount collected as tax by them form consumers.

Service tax department had detected tax evasion of Rs. 9,800 crore in the first nine months of 2012-13, as against Rs. 5,000-6,000 crore in the corresponding period last fiscal year.

The government proposed to collect Rs. 1.24 lakh crore from service tax in the current financial year, up from Rs. 95,000 crore in the previous fiscal, envisaging an increase of 30 per cent.

While excise has yielded Rs. 1,08,470 crore during April-November, collection from customs and services tax worked out to be about Rs. 1,04,864 crore and Rs. 78,774 crore respectively.

During the first nine months of the current fiscal year, the service tax collections has witnessed a growth of 34 per cent, CBEC said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting