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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Service Tax »
 12 ways to avoid paying more for bank services
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws
 3 key tax changes for senior citizens which will come into effect from April 1, 2018
 Income tax returns (ITR) filing: Not filed returns for 2 years? Beware! Deadline nearing
 All you want to know about HRA: When you can claim and how it is calculated?
 Income Tax Saving: 6 ways to save tax without investing before March 31 tax deadline
 Unnable to file your tax return? Take help of these portals
 Do you know which 80C instruments can help you save tax and carry no future tax liability?

Finance Ministry finds Rs 400 cr custom duty, service tax evasion
May, 18th 2013

In its bid to plug revenue leakage, the Finance Ministry has detected custom duty and service tax evasion of at least Rs 400 crore between January and March this year.

The detection came after the Directorate General of Central Excise Intelligence (DGCEI) and Directorate General of Revenue Intelligence (DRI) - two leading financial intelligence agencies under the Revenue department of the Ministry - tracked over 2,300 dubious banking transactions, official sources said.

The Financial Intelligence Unit-India (FIU), an agency tasked with analysing and disseminating information relating to dubious exchanges, had sent 1,443 Suspicious Transaction Reports (STRs) to DGCEI and 904 to DRI during the first three months of 2013.

Taking leads from these STRs, the DGCEI has detected tax evasion of at least Rs 50 crore and recovered Rs 28 crore, the sources said.

The DRI, on the other hand, detected Rs 350 crore being remitted through banking channels by various importers and exporters using bogus invoices and effected a recovery of Rs 1.16 crore as duties in these cases, they said.

Acting on the intelligence following suspicious Cash Transaction Reports (CTRs), the DRI also detected possible diversion of duty-free imported goods of Rs 400 crore. “The officials have recovered cash of Rs 17 crore while following these cases,” the sources said.

Both STRs and CTRs are transactions of Rs 10 lakh and above with some of them believed to be related to proceeds of crimes including drug trafficking and black money.

These two agencies were looking into the cases of misuse of exemption notifications and undervaluation of imports involving evasion of customs duty of several hundred crores, the sources said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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