Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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
Popular Search: form 3cd :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT Audit :: due date for vat payment :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: cpt :: TDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4%
« VAT (Value Added Tax) »
 No Cenvat credit admissible on outward transportation services from factory to buyer’s premises
  Filing of reconciliation return in form 9 for the year 2016-17
 Govt may send notice to 162 companies; ask for VAT returns
 Cenvat Credit Is Not Income Liable To Be Taxed
 Cos wanting to claim VAT refund on employees' foreign stay can get professional help
 Regarding disposal of pending form DVAT 04 & 07 Form Applications
 Disposal of pending Form DVAT 04 & Form DVAT 07 applications: regarding
 Cenvat Credit Rules, 2017 III Part
 VAT phased out in TS
 Cenvat Credit Rules, 2017 II Part
 Cenvat Credit Rules, 2017 – Part I

VAT evasion detected from ice units in Gujarat
June, 21st 2011

For years they have been under the scanner of officials for whom the dilemma was how to catch tax evasion in a perishable commodity, a bit of which vaporises every second. Now thanks to a new formula, in a first major operation against ice manufacturers in the state, value added tax (VAT) officials have detected an evasion of Rs 1.1 crore.

A team of 175 VAT officials on Friday raided 40 manufacturing units, of which 21 are in Ahmedabad, while the rest are in Vadodara, Surat, Amreli, Ankleshwar, Navsari and Billimora.

Raids were also carried out in Ahmedabad at offices of those selling ammonia, which is a raw material for ice, and traders supplying iron accessories to these units.

During investigation, as suspected it was found that majority of the units had majorly under quoted their production and were involved in without bill sales.

"As catching tax evasion in an ice unit is tricky, we first surveyed an ice manufacturing unit near SG Highway and monitored their power consumption bills, raw material used and the monthly production.

Later, we devised a formula to know the exact production of an ice manufacturing unit and by comparing it with the declared turnover, we easily detected the tax evasion," said a senior VAT official, adding that ice manufacturers attract a 5% VAT.

Out of the raided units, officials found no tax evasion in four units. Tax sleuths have also recovered account books and documents during the raids which they believe point towards an evasion of around Rs 24 lakh.

"For the first time after VAT was introduced in 2007, a state-wide raid operation was conducted against the ice manufacturers.

Earlier, during a few raids in Surat, we got an average tax evasion of Rs 20,000 from the ice manufacturers there. However, the tax evasion during this operation turned out to be Rs 1.75 lakh per unit. We have already collected Rs 81 lakh as post dated cheques and investigations are on to collect more of evaded tax," the official added.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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