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
Latest Expert Exchange
« General »
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes
 Here’s all you should know about filing Income Tax Return before March 31
 Tax benefits continue to accrue even after PPF a/c is transferred to another bank
 When you may have to visit income tax department’s compliance portal
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea

Sixteen companies default Rs 241 cr commercial tax
March, 27th 2012

As many as 16 companies, which had entered into Memorandum of Understanding (MoU) with the government to set up steel, alloy and power projects in the state, have defaulted in payment of commercial tax to the tune of Rs 240.82 crore by the end of 2010-11.

Together, these companies owe Rs 18.54 crore by way of value added tax (VAT), Rs 38.51 crore of Central Sales Tax (CST) and Rs 183.75 crore of entry tax, according to state finance minister Prafulla Chandra Ghadai.

Most of these companies had signed their MoUs between 2004 and 2009 and have gone into partial production since.
The single biggest defaulter among these 16 companies is JSL Ltd whose overall tax arrears stand at Rs 108.53 crore. This includes Rs 83.18 crore of entry tax and CST dues worth Rs 83.18 crore.

Next to JSL is Bhushan Steel, whose entry tax dues have mounted to Rs 67.48 crore during 2007-08 to 2010-11.

Other companies in the defaulters list are Maithan Ispat Ltd (Rs 1.41 crore), Sree Metaliks Ltd (Rs 1.27 crore), BRG Iron & Steel Company Ltd (Rs 6.57 crore), Naveram Power & Steel Ltd (Rs 4.96 crore), Deepak Steel & Power Ltd (Rs 23 lakh), Crackers India (Alloys) Ltd (Rs 2.78 crore), Jain Steel & Power Ltd (Rs 2.88 lakh), Bhushan Power & Steel Ltd (Rs 96.72 lakh), Rathi Steel & Power Ltd (Rs 15.30 lakh), Shyam Metalics Energy (Rs 3.13 crore), Patnaik Steel & Alloys Ltd (Rs 12.55 crore), Maheshwari Ispat Ltd (Rs 4.91 crore), Jindal Steel & Power Ltd (Rs 23.03 crore) and Aarati Steel Ltd (Rs 2.47 crore).

In toto, 33 MoU signed companies have paid commercial taxes (VAT, CST and entry tax) worth Rs 96.40 crore in 2007-08, Rs 84.88 crore in 2008-09, Rs 120.02 crore in 2009-10 and Rs 173.20 crore in 2010-11.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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