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
« Customs and Excise »
 Central Board Of Indirect Taxes And Customs Notification No. 62/2018-Customs
 Central Board Of Indirect Taxes And Customs Notification No.63/2018 - Customs (N.T.)
 Ministry Of Finance Notification No. 50/2018–customs
 Delhi Customs launches special drive to help exporters get quick tax refunds
  Customs Audit Regulations, 2018
 Customs Audit Regulations, 2018
 Central Board of Excise and Customs to be renamed CBIC by April
 Central Board Of Excise & Customs New Delhi GST Flyers
 Hike in customs duty on electronics likely to boost revenue collection
 Customs duty raised on electronic goods
 Ministry Of Finance (Central Board Of Direct Taxes) Notification

Punjab Excise & Taxation dept detects fraud of Rs 200 cr
June, 28th 2013

Punjab Excise and Taxation department has detected a fraud to tune of Rs 200 crore whereby unscrupulous traders availed "concessional" rate of tax without submitting required form.

"We have found in our inspection that almost 3,000-4,000 traders have availed concessional rate of tax without depositing C form within six months of financial year end.

"Moreover, we have also found some traders submitted bogus C form (to avail lower rate of tax). The revenue implication in both these cases could be up to Rs 200 crore," Punjab Excise and Taxation, Commissioner, Anurag Verma told PTI today.

Under the Central Sales Tax Act, a C form has to be deposited by the supplier with the state taxation department after procuring it from his buyer in other state in order to avail CST rate of tax which is 2% at present. If the C form is not deposited by seller, then the local VAT rate is charged on goods supplied which is normally higher.

Acting tough against erring traders, the department has even blocked the Tax Identification Number (TIN) of about 400 registered dealers across the state to prevent them from carrying out further trading or business activity.

"We have even blocked TIN numbers of about 400 registered dealers and in other cases, we have issued notices to them to either pay tax or produce C form," he said.

"We found there was a huge deficiency in submission of C forms by the traders and it involved revenue implications of Rs 100 crore," he said, adding "we have asked traders to either produce C form or pay VAT."

Meanwhile, Punjab Pradesh Beopar Mandal President Amrit Lal Jain criticised the move of Excise and Taxation department blocking TIN number of registered sales tax dealers.

"There is a huge shortfall of C form in various states as a result of which traders could not deposit the forms. The department should have given sufficient time to dealers and traders to deposit forms rather than blocking their TIN numbers which will adversely affect trade and industry," he said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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