Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: VAT RATES :: due date for vat payment :: empanelment :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: VAT Audit :: cpt :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4%
Service Tax »
 Simple tax made complex
 Govt may review monthly GST return filing process
 Central Goods and Services Tax (Eleventh Amendment) Rules, 2017
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017
 Composition Scheme - the Central Goods and Services Tax (Removal of Difficulties) Order, 2017
 Govt asks taxpayers to file GST return for July by Tuesday
 FAQ On Government Services Under GST
 Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 03rd Octombar To 13th October , 2017.
 Facility of LUT extended to all exporters / registered persons subject to conditions
 GST implementation – Hasty turns out nasty
 What is Goods and Services Tax Network (GSTN)?

Service tax dept may spoil your grand party
August, 14th 2014

The next time you organise a grand function, be ready to face the taxman. The Central Board of Excise & Customs (CBEC) has directed its officers to check for tax evasion by keeping an eye on events which receive wide media coverage, such as an ostentatious wedding or other such functions.

Usually, the service provider pays the tax and recovers the amount from the recipient. So, if somebody hires an event manager for a function, the service receiver should pay tax to the service provider, along with the payment of his fee. Even services such as setting up pandals and shamianas are taxable.

“The tax department is perfectly capable of disrupting the wedding. They will keep a tab on the event manager and approach him at the most opportune moment to make him pay the past dues,” said a tax expert with a leading consultancy firm, asking not to be named.

Grand weddings or any other functions coming to the taxman’s notice through media coverage or otherwise
Sectors prone to evasion such as construction, realty and works contract, renting of immovable property
Business support services, manpower supply and security services, goods transport operators
Govt bodies such as the railways, postal department, police, municipalities and cantonment boards
Mutual funds and insurance companies, goods transport agencies and foreign service providers
Importing services or those having a higher payment through Cenvat credit instead of cash payment
Top 100 service tax assessees and top 10 services in their areas to be the focus of every commissioner

Taking a cue from declarations made in the amnesty scheme for service tax last year, it also identified construction, real estate and work contracts, renting of immovable property, business support services, personnel supply and security services, and goods transport operators as sectors prone to evasion.

“The basic exercise which should be done in such cases is to see whether the person is a service tax assessee, whether he has been pay-ing duty and filing returns regularly, Cenvat utilis-ation profile and details of pending cases,” says the CBEC Action Plan for 2014-15.

Assessing officers were also asked to closely monitor service tax payments by government bodies such as the railways, postal department, police, municipalities and cantonment boards. Instructions were given that the goal was to ensure payment, not merely issuance of show-cause notices for non-payment.

“Government bodies provide various services which are taxable, such as security by the police. The tax department wants to make sure tax dues are collected from the people receiving these services and deposited by service providers,” said Prashant Deshpande, senior director, Deloitte.

Assessees taxed under a reverse charge mecha-nism, importing services or having a higher payment through Cenvat credit instead of cash payment will be on the radar, too.

In the reverse charge mechanism, a receiver of service is respo-nsible for the payment of service tax. The category comprises mutual fund and insurance companies, goods transport agencies and foreign service providers.

“Deterrent action such as arrest and prosecution will be resorted to where applicable. The publicity arising out of such action enhances the deterrent effect of the provisions,” CBEC said. Also, that officers should do provisional attachment of a tax defaulter’s property wherever possible, and insist on recovery of dues while opposing bail applications in case of arrests.

In the anti-evasion efforts, high-value cases will be given priority. The officers were asked to concentrate on the top 100 service tax assessees and top 10 services in their areas.

The strategy for augmenting tax revenue was unveiled at the two-day annual conference of CBEC’s chief commissioners and directors general, which concluded on Tuesday. Some of the measures were also discussed with Finance Minister Arun Jaitley, who inaugurated the event on Monday.

The indirect tax colle-ction target for this year is Rs 6.24 lakh crore, about 26 per cent higher than the Rs 4.96 crore collected in 2013-14. This will be led by service tax collections, projected to rise 40 per cent to Rs 2.15 lakh crore, against Rs 1.54 lakh crore last year. Growth in Customs and excise duty collections is pegged at 17 per cent and 22 per cent, respectively, in 2014-15.

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

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