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: due date for vat payment :: TDS :: VAT Audit :: form 3cd :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT RATES :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: ACCOUNTING STANDARD
 
 
Service Tax »
 GST Council to discuss model laws, tax jurisdiction today
 Tax Invoice Under GST
 Insurance may fall under 12% tax slab in GST, from 14% service tax currently
 GST draft makes it must for companies to pass tax benefit to consumers
 To speed passage, Government plans GST Bills as money Bills
 No service tax on train tickets booked through IRCTC till December 31
 GST Council meet postponed to December
 Banks integrating systems with RBI, GST Network to collect tax: Arun Jaitleya
 Service tax waived for online train ticket booking till Dec 31
 Key challenges in implementation of Goods and Services Tax
 Consensus eludes Centre, states on GST dual control

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 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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