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: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: due date for vat payment :: articles on VAT and GST in India :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT RATES :: cpt :: Central Excise rule to resale the machines to a new company :: VAT Audit :: list of goods taxed at 4% :: form 3cd
 
 
« News Headlines »
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax
 Income tax returns (ITR) filing: Why small service providers need to get this benefit

Govt to use I-T experience to boost excise collection
March, 06th 2007

Annual information return (AIR) brought in to track income-tax evasion may come handy in excise duty as well. With excise duty being the only indirect tax having failed to reflect the buoyancy shown by other direct and indirect taxes, it is likely to occupy the centrestage in governments plan of things on revenue front.

The third party information system in income-tax annual information return is working in a streamlined manner and is now poised for expansion. The idea now is to use this information in an effective manner in excise, an official said. This is even as the directorate general of excise and customs is identifying transactions, information which could be used to track evasion in excise.

The budget estimates for 2006-07 had placed excise duty collections at Rs 1,19,000 crore. But the revised estimates have pegged it lower at Rs 1,17,266 crore. Budget 2007-08 has already made e-payment of excise duty above Rs 50 lakh mandatory. This move will make it easier for the department to keep tracking easier.

The government had recently asked pan masala and gutkha manufactures to give monthly details of their sales and purchases since the incidence of evasion, according to sources, has been one of the highest in these sectors. The measure may be extended to other sectors, a source said. The government has also brought in penal provisions to curb evasion.

As per these provisions, manufacturers who evade excise could face penal provisions like losing various facilities to the department taking manual control of a factory. Income-tax and customs administration have already undergone an overhaul and now the focus will shift on excise which suffers from various tax exemptions.

The government had to forego revenue of Rs 66,760 crore on account of various excise duty exemptions. The estimate for 2007-08 project about Rs 1 lakh crore in revenue foregone.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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