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: VAT Audit :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: empanelment :: articles on VAT and GST in India :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: form 3cd :: due date for vat payment :: TDS
 
 
« Service Tax »
 GST pangs for 3 months only, people will adjust to new way of life soon
 GST, an old new tax
 Pay tax once on the input, deduct it from the output
 GST Network to begin accepting fresh registrations from June 25
 Indian GST is significantly unique, but is it better?
 GST example of national integration
 6 reasons you need not fear the GST regime
 Tax return filing extension on GST may not be enough
 GST: ‘Tech readiness, tax administration key challenges’
 GST return filing rules relaxed for Jul-Aug, July 1 rollout
 GST Council gives return filing breather to India Inc for 2 months

Company's top boss arrested for service tax default
March, 03rd 2014

Customs officials have arrested C Vijay Shekhar Reddy, chairman and MD of Vijay Mining & Infracorp Pvt Ltd, on the charge of collecting service tax to the tune of Rs 20 crore and not remitting the same to the department.

The arrest came after the amnesty period under the Voluntary Compliance Encouragement Scheme (VCES) for those who never filed their service tax returns and those who stopped doing so, ended on December 31, 2013. tnn

According to M K Singh, commissioner, Customs, Central Excise & Service Tax, Hyderabad II Commissionerate, Vijay Shekhar Reddy admitted to evading service tax exceeding Rs 20 crore. The company also filed VCES declaration for some period and defaulted on payment of 50% of the declared amount. Investigations are on to arrive at the correct service tax liability of the company. After his arrest for cognizable offence under section 89(1) (ii) of Finance Act, 1994, he was produced before the special judge, economic offences court, Nampally.

Interestingly, as per the official sources, this is perhaps the first arrest in the series to comprise of hundreds of such defaulters. Service tax department said they got the green signal from none other than the top brass in the Finance Ministry allowing the Hyderabad officials to launch the strictest of the actions including arrest and immediate recovery of the money by attaching property and/or bank accounts.

Hyderabad has recently witnessed arrests of some non filers in construction companies, multimedia companies and security agencies etc. Some of these were not depositing the service tax collected from customers with the department. These cases are dealt as 'deliberate and criminal evasion'. Apart from these kind of evaders, there are thousands others who are yet to get registered with the department while scores others have stopped filing the service tax returns. But after the lapse of VCES on December 31, 2013, the Department has finally come down massively upon these evaders.

Service Tax wing of the Central Board of Excise and Customs has reportedly got exhaustive lists from special Anti-Evasion teams for non-filers/ stop-filers and non-registrants. Amongst those defaulting or evading on payment of Service Tax are the renting sector, construction and IT related services, theatre owners and exhibitors etc.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 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