Latest Expert Exchange Queries
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: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: TDS :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: VAT RATES :: cpt :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Sales Tax »
 India finalises bills to launch new sales tax in July
 NMC to implement new tax system from Apr 1a
 13 per cent sales tax boost post demonetisationa
 Arun Jaitley May Lower Corporate And Income Tax Rates But Hike The Service Tax Rate
 Tax on high seas sales becomes dispute area
  State extends GST enrolment deadline
 State extends GST enrolment deadline
 To protect its status, state forms panel to draft legislation on GST
 India Fails to Break Deadlock on New Sales Tax
 Sales tax staff protest against goods service tax council
 Income tax survey on city jeweller

Now, sales-tax sleuths too can track your high-value transactions
July, 23rd 2014

Govt introduces amendments to Central Excise Act; govt will collect information for all transactions above Rs 50,000 in a year

The finance ministry is sharpening its tools to chase tax evasion to augment revenues and bridge the fiscal deficit.

After tasting success of information sharing with the income-tax department by various agencies for high-value transactions, the government has proposed similar exchange of information for excise and service tax departments.

The union budget has proposed to include new sections in indirect tax regulations while at the same time broadening the span of sources of information collection for I-T.

Though rules have not been announced for the amendments proposed, reading of the budget documents says that government will collect information for all transactions above Rs 50,000 in a year.

Among the indirect tax proposals, section 15A has been inserted in the Central Excise Act to empower the government to prescribe an authority or agency to which the information return shall be filed by the specified persons such as I-T authorities, state electricity boards, postmaster general, VAT or sales tax authorities and registrar of companies.

Information can be collected for the purposes such as to identify tax evaders or recover confirmed dues. It has also proposed to insert a new section 15B which provides for imposition of penalty if the information return is not submitted.

Tax evasion is a big issue for the government as it encourages black money and grey market. As per I-T report submitted to special investigation team, investigating the black money menace, a total of Rs 101,181crore of undisclosed income was detected during search and survey operations in 2013-14. This was more than three times the Rs 29,628 crore disclosed the previous year.

Similarly, Director General of Central Excise intelligence unearthed service tax evasion of Rs 8,000 crore during 2013-14. In addition, 379 cases of central excise duty evasion were registered involving
tax evasion of Rs 1,879 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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