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 :: Central Excise rule to resale the machines to a new company :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT RATES :: VAT Audit :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARD :: empanelment :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: form 3cd
 
 
« Service Tax »
 Indian GST is significantly unique, but is it better?
 GST example of national integration
 6 reasons you need not fear the GST regime
 Tax return filing extension on GST may not be enough
 GST: ‘Tech readiness, tax administration key challenges’
 GST return filing rules relaxed for Jul-Aug, July 1 rollout
 GST Council gives return filing breather to India Inc for 2 months
 All eyes on 18 June as GST Council meets to iron out niggling issues
 GST Council's June18 meet to finalise e-way bill, anti-profiteering rules
 Valuation of Tax liabilities Under GST Regime
 Govt to go soft on GST monitoring for a few months, let traders settle down

Govt detects Rs 5,995 cr central excise, service tax evasions
August, 09th 2012

The government today said it has detected alleged central excise and service tax evasions of about Rs 5,995 crore during 2011-12.

A total of 450 cases of service tax evasion involving Rs 5,012.90 crore and 350 cases of central excise evasion involving Rs 982.80 crore were registered in the last fiscal, Minister of State for Finance S S Palanimanickam told Lok Sabha in a written reply today.

Of these, Rs 434.27 crore (Service Tax) and Rs 238.79 crore (Central Excise) have been recovered.

The modus operandi adopted for tax evasion of Central Excise duty is, interalia, misuse of CENVAT (Central value Added Tax) credit by way of procuring the invoices only without receiving the goods and also by utilising the common inputs for exempted as well as dutiable goods, misclassification, violation of area based exemption and clandestine production and removal.

"For the evasion of Service Tax, the modus operandi include, interalia, undervaluation, outright evasion, non-payment of Service Tax under reverse charge mechanism," the Minister said.

The measures taken by the Directorate to plug the loopholes include strengthening of intelligence network, identification of evasion prone commodities or services, coordination and sharing of information with other agencies and also issuing modus operandi circulars to the field formations, Palanimanickam said.

As many as 457 cases of service tax evasion involving Rs 4,400.28 crore and 453 cases of central excise evasion involving Rs 1,471.01 crore were registered during 2010-11.

Of these, Rs 291.82 crore (Service Tax) and Rs 127.49 crore (Central Excise) has been recovered.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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