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
Latest Expert Exchange
News Headlines »
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19
 Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how
 Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline
 Trading volume linked to tax return?
 How to e-verify your income tax return? Here are five ways to do it
 Received an Income Tax notice? Here is what you can do

Excise audit to be expedited
September, 15th 2006
With tax offset to India Inc rising by 26.1% in the first four months of 06-07, the indirect tax department has decided to up its ante on intensifying excise audit of units. As per a work plan finalised by the excise department, every commissionerate will conduct at least two high impact audits every month. As per the guidelines firmed up by the directorate of audits, any unit manufacturing commodities appearing the list of 20 commodity group which were found to show an adverse credit to cash ratio during 05-06 would invite audit. For every rupee of cenvat paid by industry, it earns a credit that can be used against paying tax on its inputs. Cenvat utilisation has increased by 26.1% from Rs 32,994.3 crore in April-July 05-06 to Rs 41,592.2 crore in the first four months of the current fiscal. Under the work plan, any unit availing more than Rs 20 lakh credit on input services during 05-06 and those availing more than 10% of cenvat credit utilised from dealers invoices. In order to develop a system of audit of registered dealers, the department has already initiated pilot audits of such dealers in a few chosen commissionerates. As an additional measure, the department has also circulated the standard input-output norms published by Directorate General of Foreign Trade for a few sensitive commodities with instructions to field formations that these should be used to verify cenvat credit availment at the time of audit. Earlier, finance minister P Chidambaram had spoken at the annual conference of the chief commissioners and director generals of excise, customs and service tax. In the conference that was held on August 31 he said that cenvat availment would need to closely watched by the department when they carry out audits.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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