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: ACCOUNTING STANDARD :: VAT Audit :: form 3cd :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: list of goods taxed at 4% :: cpt :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India
 
 
« VAT (Value Added Tax) »
 Amendments in the second Schedule received from Finance Deptt.
 VAT exemption stays in tax reform bill
 Income Tax Appellate Tribunal Bangalore Banches Bangalore 'A' Bench DB Case Causelist for The Week from 22-05-2017 To 25-05-2017
 Amendments in Second schedule appended to Delhi Value Added Tax Act, 2004
 Haryana govt exempts solar devices from VAT net
 Court rules out VAT on Paradise equity transfer
 VAT gone but riddle of derivatives traded on commodity exchanges lives on
 Rule 2(L) Of Cenvat Credit Rules, 2004 Amended
 Haryana govt exempts solar equipment from VAT
 AP to push for same benefits under GST for VAT exempted goods
 Andhra Pradesh to push for same benefits under GST for VAT exempted goods

Stern action must be taken against duty evaders
May, 31st 2008

With excise duty collections continuing to decline, the finance minister P Chidambaram on Thursday said stern action must be taken against evaders of the duty. We are concerned about the sluggish growth in central excise collections, he said on the sidelines of the annual conference of chief commissioners and director generals of CBEC, adding that, In 2008-09, our focus will be on increasing revenue from excise duty.

Pointing out that the reasons for lower collections are clandestine removal of goods and misuse of Cenvat credit, he said there is a need for more stringent deterrent measures to ensure that there is no organised evasion of the tax.

The finance minister, also, asked the excise department to try and replicate the Annual Information Returns (AIR) system of the direct taxes, and prepare a system for third party information. For instance, payments of value added tax by assessees and electricity bills of manufacturers can be used as an indicator of their excise duty liability bills, he said. Vat payments are already being matched against excise duty liabilities in some states, he said, adding that this must be done on an all India basis.

Chidambaram also stressed that field formations need to work out stern preventive measures against evasion-prone industries and also closely monitor manufacturing units. He also asked the CBEC to review deterrent measures and make them stricter. Deterrent action taken on one assessee must have a salutary effect on all assessees in the same production group, he said.

With excise duty collections in April this year declining by 3.9%, the finance minister said that the full-year target of collecting Rs 1,36,610 crore, which is a mere 8.8% rise over last fiscal, seems a little formidable. Chidambaram however refuted any direct correlation between industrial production and excise duty collections.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software 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