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!
« General »
Open DEMAT Account in 24 hrs
 New tax regime vs old tax regime: What's point at which tax outgo is the same in both regimes? Check salary and deduction levels
 Advance Tax Paid, Do You Still Need To File ITR? Check Details Here
 Centre seen to have met FY24 gross tax target
 6 income tax rules that salaried should know as financial year 2024-25 starts from today
 How to calculate income tax on stock market gains along with your salary?
 Moonlighting for Additional Income? Know Its Tax Implications
 Have you claimed education cess? Be prepared to pay tax as per the new rules
 Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)
 How is tax computed for selling a house?
 How much tax do you pay on equity investments?
 Fuel taxes: Centre s gains striking since FY16

Finance Ministry detects over Rs 1800 crore excise duty evasion in 2013-14
April, 18th 2014

Increased efforts in checking revenue leakage have resulted in detection of over Rs 1,800 crore central excise duty evasion across the country during 2013-14.

As many as 379 cases of central excise duty evasion were registered by the Directorate General of Central Excise Intelligence (DGCEI) during the last fiscal. These cases involved central excise duty evasion of Rs 1,879.69 crore, Finance Ministry officials said.

Various private entities were evading the central levy through misrepresenting the quantity of goods being produced by them and misuse of government incentives or abatements among others, they said.

However, DGCEI officials could realise only Rs 362.80 crore from these detections, the officials said.

In 2012-13, as many as 458 cases involving evasion of about Rs 2,940 crore were detected by the excise intelligence officials. The realisation was about Rs 1,018 crore.

An excise duty is applicable at the rate of 12.36 per cent on the total quantity of goods produced by a company.

The detection of excise duty evasion cases was excluding of such cases registered by various central excise commissionerates spread across the country.

Manufacturers of pan masala, cigarettes, iron and steel, vehicles parts and accessories, malted foods and chocolates are most prone to evade excise duty, the official said.

Finance Ministry is taking stringent action against any tax defaulter or evader in order to check any loss of the government revenue, he added.

About Rs 1.75 lakh crore was collected as central excise revenue during 2012-13 as against Rs 1.44 lakh crore in 2011-12.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting