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: due date for vat payment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: form 3cd :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: empanelment :: ACCOUNTING STANDARDS :: VAT RATES
 
 
News Headlines »
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj

Service tax evasion causes revenue loss
August, 18th 2007

Revenue loss to Government due to service tax evasion has been rising since the last three years with Rs 940.78 crore loss in 2006-07 in as many as 4342 cases.

This was informed by finance minister P Chidambaram in Lok Sabha on Friday in a written reply.

According to latest figures available, Service Tax collection till June stood at Rs 10,012 crore (provisional) as against the budget estimate of Rs 50,200 crore for the fiscal.

On the service tax evasion, Chidambaram said the revenue loss in 2005-06 stood at Rs 725.71 crore as against Rs 299.56 crore in 2004-05.

On the action taken by the Government against tax evaders, the minister said on completion of investigation, show cause notice is issued for recovery of revenue involved and for imposition of penalty.

He also said that many services were individually specified as taxable services during 2007-08. These include telecommunication service, services outsourced for mining of minerals, oil or gas among others.

In another written reply, minister of corporate affairs Prem Chand Gupta informed the House in a written reply that no company has vanished after raising funds from the public through public issues during the last three years.

A Central Coordination and Monitoring Committee (CMC), co-chaired by secretary, ministry of corporate affairs and chairman of Sebi has been set up to look into issues relating to vanishing companies and their promoters, and to monitor the progress of action taken against them.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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