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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARD :: form 3cd :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: cpt :: empanelment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
 Directions under section 119 of the Income-tax Act, 1961
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful

Tax frauds by exporters cost govt Rs 3,500 cr in 3 yrs
August, 07th 2006
The government has unearthed more than 1,300 cases of tax frauds by exporters that has cost the exchequer a huge Rs 3,500 crore in the last three years. Various government agencies such as the Directorate of Revenue Intelligence have issued a total of 1,311 show-cause notices to traders misusing export promotion schemes to avoid taxes or get refunds during 2003-04, 2004-05 and 2005-06. These cases entailed a total duty evasion of about Rs 3,580 crore, official sources said, adding that the government has managed to recover a substantial part of it. Of these, government agencies have managed to solve 792 cases with a total duty of Rs 1,192 crore, they said, adding that another Rs 829 crore has been collected as fine and penalty. The remaining cases are under various stages of adjudication, the sources said. With such a high number of tax evasion cases among the trader community, the government has either already tightened or initiated the process of strengthening the export promotion schemes such as Export Promotion Capital Goods. The government had tightened the EPCG scheme earlier this year after DRI seized a number of luxury cars from various business houses, who had imported the high-cost vehicles without paying the requisite customs duty. Sources said other programmes such as Advance Licensing (Authorisation) scheme, Duty Entitlement PassBook scheme, Duty Drawback and Duty-Free Replenishment Certificate schemes have also been reviewed to prevent such misuse. Besides, the Directorate General of Foreign Trade has also been monitoring these schemes, the sources said, adding that checks and balances have been put into place to prevent tax evasion. Sources said while export consignments for examination are subjected to parameter-based selection, goods exported to sensitive destinations and risk-prone products and commodities are subjcted to strict scrutiny. Further, efforts are also being made to arrest the defaulting exporters and their bank accounts are frozen, they said, adding that various intelligence agencies hold regular meetings to exchange information in this regard.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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