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: empanelment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: cpt :: VAT RATES :: ACCOUNTING STANDARD :: form 3cd :: TDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
VAT (Value Added Tax) »
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I
 How much do you know about VAT as a taxpayer?
 New tax structure not higher than VAT
 Cos will be reimbursed for exemptions that currently exist in the VAT regime
 GST will get states more than VAT
 Is it a modified Value Added Tax?
 GST regime: VAT Commissioner and CBEC to work with businesses
 Amendments in the Second Schedule appended to the Act (Delhi Value Added Tax Act, 2004)

Guj Commercial tax dept detects VAT evasion of Rs 213.58 cr from 3 builders
May, 11th 2015

In one of the biggest detections, the state commercial tax department on Wednesday detected VAT evasions in 'work contracts' to the tune of Rs 213.58 crore from three Gujarat based builders. The department officials began raids at 38 premises of these three builders in Vadodara, Bharuch and Ahmedabad on Monday evening and are still going on.

According to primary estimates, Kalp Group was found with VAT evasion worth Rs 48 crore, Narayani Group with Rs 35.58 crore and Mayfair group was detected with evasion of whopping Rs 130 crore.

The raids were carried out in two premises in Ahmedabad, 30 in Vadodara and six in Bharuch.

In last one month, the officials have detected Rs 49.5 crore of VAT evasion by more than 40 builders in Ahmedabad, Bhavnagar, Surat and Rajkot taking the total evasion to Rs 264 crore.

Earlier in April the officials began conducting raids across the state at the premises of builders after the last date to pay VAT on 'work contracts' ended at April 11.

As per the state commercial department, following a Supreme Court order builders and developers had to pay VAT on work contracts undertaken by them since 2006-07. According to rules, builders are liable to pay 15% VAT on work contracts undertaken by them and 0.6% if it was a one-off deal.

The state government had launched a scheme last year allowing the builders and developers to pay their remainder VAT.

The officials also began attachment of the properties and bank accounts of the builders in VAT evasion case.

In Surat, officials detected evasion of Rs 20 crore by Rameshwaram (Rs 18 crore) and Hindva (Rs 2 crore) builders and Rs 6 crore by Skyz (Rs 2.5 crore) and Creative builders (Rs 3.5 crore) in Rajkot.

In Ahmedabad, five builders who failed to pay VAT on work contracts undertaken by them over last few years include Takshashila Realties Limited, Vishwanath Builders, Micro Builders, Sun Builders and Girivar Builders.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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