Latest Expert Exchange Queries

Make 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) | 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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: empanelment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: TDS :: form 3cd :: cpt
 
 
News Headlines »
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid
 All you need to know about form 26AS
 How to file income tax return?
 7 changes that affect income tax return filing this year
 How To File Income Tax Return (ITR) Online For FY2016-17? Last Date July 31
 Last date for filing income tax return approaches: What is Form 26AS? How it can help you claim refunds
 Income Tax department to launch mobile app to make life easy for taxpayers
 6 things to remember while filing your income tax return
 Want to save on tax? Here are deductions you can use while filing ITR
 July 31 Is Last Date For Filing Tax Return. Why Form 26AS Has To Be Checked

Taxmen rap Vodafone, Bharti for Cenvat misuse
May, 12th 2008

Telecom biggies including Bharti Airtel and Vodafone are being hauled up by the taxmen for misusing Central value added tax (Cenvat) credit on capital goods and in turn paying lower service tax.

While Bharti Airtel has been issued a demand cum show cause notice for misusing Cenvat credit amounting to Rs 46.26 crore, Vodafone-Essar has been given a similar notice to pay Rs 4.93 crore.

Other issues in both the notices include taking Cenvat credit twice on the basis of the same invoice and also availing the tax credit on the strength of non specified documents.

The notices come in the wake of the Central Board of Excise and Customs (CBEC) finding them responsible for misusing Cenvat credit. Sources said that even the state-owned Bharat Sanchar Nigam Ltd (BSNL) and BK-Modi-led Spice Telecom have also been issued similar demand cum show cause notices for the same issue.

The matter is expected to drag on as the telecom Companies have maintained that there's no misuse and they are entitled to such credit. Industry sources said that the Cellular Operators Association of India (COAI) would take up the matter on the industry's behalf.

The Board has also informed its field formations that many mobile service providers have been availing Cenvat credit for equipment used for erecting transmission towers and those used for housing and storage of generating sets and other equipment claiming that these are items are "inputs."

However the Board has stated that since these goods including angles, channels, beams, pre-fabricated building, shelters and PUF panels are inputs for civil structures that are not excisable goods, so they are not chargeable to excise duty. It has also directed field formations to recover such irregularly availed credit.

The issue came to the notice of the CBEC after it was found that service tax collections from the telecom sector was especially low all through 2007-08, despite the sector doing well. Service tax collections fell about 40% from the sector, although overall collections of the tax rose by 35% in the fiscal. Initial estimates reveal that over Rs 49,500 crore as service tax was collected last fiscal.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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