« Top Headlines » Open DEMAT Account in 24 hrs  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal  How To Save Tax For Salary Above 15 Lakhs? «  New CA Curriculum... Centre can nominate RBI official to ICAI... » 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.