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: form 3cd :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: TDS :: Central Excise rule to resale the machines to a new company :: empanelment :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT RATES
Indirect Tax »
 Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding
 CBDT seeks monthly data of disposed I-T appeals
 Further indirect tax may be levied in 2017
 India has to make its own tax law
 Centre warns against criticism of GST network
 Indirect tax collection jumps 26% in April-September, direct tax 9%
 Indirect Tax collections up
 Thank you note from income tax department
 Tax dept scanning IDS disclosures filed through post
 Poor management cause of financial pressure on Centre
 GST to have short-lived impact on inflation: RBI

Punj Lloyd faces Rs 61 crore service tax evasion charges
February, 26th 2014

Infrastructure and engineering major Punj Lloyd has come under the scanner of the central excise department over alleged pending Service Tax liability of Rs 61 crore.

Punj Lloyd voluntarily deposited Rs 1.06 crore on the spot through challans when excise officials visited them during an investigation in the matter. They have also submitted post-dated cheques of Rs 10 crore as part of their pending Service Tax liability, official sources said.

A Punj Lloyd spokesperson, when contacted for their reaction, said in an emailed response that "routine general investigations" were being carried out against them by the Directorate General of Central Excise Intelligence (DGCEI).

"Neither has the DGCEI issued any show cause notice to the company. Routine general investigations, as they are done for several companies, are being carried out by them and Punj Lloyd is fully cooperating and submitting the required information," the spokesperson said in a statement.

The DGCEI has not found any shortfall in the deposit of Service Tax by Punj Lloyd Limited. "We have been paying Service Tax dues since April 2013. In fact, the last payment was made in January 2014," the company said.

Acting on information that the firm was collecting Service Tax but not depositing it with the exchequer, an investigation through summons proceedings was initiated against Punj Lloyd by DGCEI, the sources said.

They claimed to have found that Punj Lloyd, engaged in business of engineering and construction, was not filing ST-3, a mandatory form for filing Service Tax returns, since April last year.

After registration of preliminary enquiry, a team of DGCEI officials visited the firm's headquarters in Gurgaon.

The officials recorded the statement of Rajesh Goel, Assistant General Manager of the company, as part of their investigation. Goel admitted to pending tax liability of the company to be around Rs 61 crore before the tax officials, the sources said.

Goel has also undertaken to deposit the balance outstanding amount of the firm's tax dues by March 31, 2014, the sources said.

Actual quantification of alleged Service Tax evasion and further investigations are in progress, they said.

Meanwhile, the DGCEI have also sought relevant information from other financial intelligence agencies on Punj Lloyd, they said.

Service Tax has been a "focus area" for the Finance Ministry to increase its revenue from indirect taxes.

The DGCEI officials are taking strict action against all evaders after a first-of-its-kind amnesty scheme for Service Tax defaulters ended in December last year.

The Voluntary Compliance Encouragement Scheme (VCES), which was implemented from May 10 last year, was announced by Finance Minister P Chidambaram to allow a Service Tax defaulter to pay dues without any penalty or late payment charges.

Under the scheme, a person was to make a declaration to the designated authority on or before December 31, 2013.

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

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