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!
« Top Headlines »
Open DEMAT Account in 24 hrs
 BackBack Income Tax Act amendment on cards on tax treatment of MSME dues
 ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here
 Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime
 How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)
 Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning
 What Are 5 Heads Of Income Tax?
 Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals
  Income Tax Return: 5 lesser-known tax-saving tips from Section 80
 Income Tax Return: 5 lesser-known tax-saving tips from Section 80
 Why you need not rush to file your ITR immediately
 Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing

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 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting