Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get 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) | 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: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: VAT Audit :: TDS :: form 3cd :: cpt
 
 
Service Tax »
 GST base looks set to be at least 25% wider than earlier tax regime
 Businesses struggle with multiple tax rates, returns
 Common use items exempt from e-way bill provision under GST
 Goods And Services Tax Sends Taxes Racing
 How GST lesson can unleash untapped potential of education sector in India
 Services sector PMI falls most in 4 years on GST
 Missing column in GSTR 3B form leaves input claims a shaky edifice
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST
 GST not easy to implement but tax base expansion will benefit all
 Goods and Services Tax was not an easy reform to implement
 GST to expand tax base, bring down weighted average tax rate:

Ministry of Finance push service tax mop-up
July, 05th 2011

The Ministry of Finance has asked the Central Board of Excise and Customs (CBEC) to make up for the revenue loss on account of oil duties rejig through additional mop up from the service sector, which constitutes 60% of the gross domestic product and has a 20% share in indirect tax collection.

The CBEC has already activated its revenue intelligence arm the Directorate General of Central Excise Intelligence (DGCEI) that has launched a crackdown on some big ticket corporate tax evaders. In the first quarter of this fiscal, DGCEI has booked 80 cases against many of these corporate houses and also slapped a tax penalty demand of Rs 1,650 crore. DGCEI is the apex intelligence and investigating agency for combating evasion of Central Excise and Service tax. This fiscal, the DGCEI is giving special focus on service tax evasion at the behest of CBEC chairman Sumit Dutt Majumdar.

Last month, the government had scrapped 5% customs duty on crude and an equal percentage points on petrol and diesel, which came down to 2.5% to keep the price rise in check. It also reduced excise duty on oil products from 7.5% to 2.5%. The loss estimated by the finance ministry for nine months of this fiscal was Rs 39,000 crore of which Centre's share is likely to be in the range of Rs 24,000 crore.

Last year, the DGCEI had booked 117 cases of service tax evasion worth Rs 522 crore. In some of these cases, the amounts evaded are likely to increase as the investigations are in progress, said a senior finance ministry official. Some of the major detections of service tax evasion were in renting of immovable property service, business support service, telecom service, management, maintenance or repair and commercial or industrial construction services.

The most prevalent modus operandi adopted by evaders was providing the services in a clandestine manner without accounting for service tax such as suppressing the transactions from the department by not declaring the same in the periodical ST returns, incorrect availing of exemption notifications, collection of service tax but not deposing to the government exchequer, incorrect availing of CENVAT credit and undervaluation services.

On the Central excise side too, duty evasion detected by DGCEI during the first quarter of current fiscal is to around Rs 227 crore vis--vis detections of Rs 115 crore during the same period in the previous year, showing an increase of 98 %. An amount of Rs 205 crore has also been recovered from assesses towards unpaid Excise duty and Service Tax during the current quarter.

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

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