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: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: due date for vat payment :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: VAT Audit
 
 
« Service Tax »
 GST delay to impact Budget
 If GST not rolled out by Sept, there won't be taxation in country, warns Jaitley
 India’s E-Service Tax Will Add To Foreign Content Providers’ Woes
 GST Council to discuss model laws, tax jurisdiction today
 Tax Invoice Under GST
 Insurance may fall under 12% tax slab in GST, from 14% service tax currently
 GST draft makes it must for companies to pass tax benefit to consumers
 To speed passage, Government plans GST Bills as money Bills
 No service tax on train tickets booked through IRCTC till December 31
 GST Council meet postponed to December
 Banks integrating systems with RBI, GST Network to collect tax: Arun Jaitleya

Finance Ministry warning yields results, February service tax mop up jumps 44 per cent
April, 01st 2013

The Government's stern warning to service tax evaders appears to have yielded results with the realisation rising to Rs 10,453 crore in February, 44 per cent more than collections in the previous month.

The revenue department had collected only Rs 7,255 crore as service tax in January.

"Repeated warnings from the revenue department is showing results. Service tax collection has shown a significant 44 per cent rise in February," a senior finance ministry official told media.

Customs duty collection also witnessed a 15 per cent growth at Rs 15,007 crore in February, as against Rs 11,406 crore collected in January, the official added.

Excise mop up stood at over Rs 15,000 crore in February, taking the total indirect tax collection during the month to Rs 41,000 crore.

In a stern warning to excise, customs and service tax evaders, Revenue Secretary Sumit Bose had in January asked them to either pay the dues or face penal action which could include arrest, prosecution and property attachment.

"We are keeping a very close watch on such elements. They are advised to come forward and pay all taxes and avail of the benefit of reduced penalty," Bose had said.

Those who fail to pay excise duty, should be prepared to face consequences which would include 'provisional attachment of property, arrest and prosecution, suspension of Cenvat credit and 100 per cent penalty and interest', he had added.

The Revenue Secretary has also asked all assesses to ensure timely and correct payment of customs duty, excise duty and service tax for continued trade facilitation.

Overall service tax collection during April-February of financial year 2012-13 was Rs 1.13 lakh crore, while customs duty mop up was Rs 1.5 lakh crore, the official added.

Indirect tax collections registered 20 per cent growth at Rs 4.17 lakh crore in April-February period of this fiscal.

As per the revised estimate, the government aims to collect Rs 4.69 lakh crore from indirect taxes, comprising customs, excise and service tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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