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: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT Audit :: empanelment :: ACCOUNTING STANDARDS :: TDS :: ACCOUNTING STANDARD :: VAT RATES :: cpt
 
 
Service Tax »
 Goods and Services Tax (Compensation to States) Amendment Act, 2017.
 Services sector need to brought under Section 72A of the Income-Tax Act
 Simplifying GST: Creating a Grand Simple Tax
 The way ahead for goods and services tax
 Goods & Service Tax (GST): Recent Clarifications
 Tax payers can see status of returns filed on GSTN portal
 Export And Import Of Goods Under GST
 The Finance Resolution And Deposit Insurance Bill, 2017
 Payment made in revenue sharing deal exempt from service tax
 India seen posting stronger growth as businesses adjust to new tax
 GST High Powered Committee On Return Filing - Representation by GST Research Foundation

Service tax amnesty target modest despite vast scope
March, 12th 2013

The amnesty scheme announced for service tax evaders in the 2013-14 Budget is likely to net the exchequer R400 crore, going by the conservative estimate of finance minister P Chidambaram. The estimate looks very modest, considering the fact that 65% of the $1.8-trillion economy accounts for services and, by the minister’s own admission, 10 lakh of the total 17 lakh registered service taxpayers have stopped filing returns.
In the first three quarters of the current fiscal, service tax evasion of R9,875 crore was detected, 20% of which has been recovered.

“Although the potential for recovery of evaded tax is huge, we do not have an idea how many would avail of the scheme and, hence, the modest estimate,” said an official familiar with the working of the scheme. Another reason for the conservative estimate is that scheme doesn’t cover businesses that are already under tax audit, probe or have been issued a notice, said the official.

Under the amnesty scheme, the revenue department expects to collect taxes without interest and penalty mainly from restaurateurs, rent-a-cab service providers and those offering services to construction, infrastructure and mineral exploration industries under work contracts. Government sources said these are businesses where non-payment to the exchequer of the 12.36% tax collected from service recipients is most rampant. Supply of manpower is another service where the offence is widespread.

In view of the widespread tax evasion in these sectors, the government had last year introduced partial reverse charge of service

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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