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: cpt :: list of goods taxed at 4% :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT Audit :: articles on VAT and GST in India :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: VAT RATES :: form 3cd :: Central Excise rule to resale the machines to a new company
 
 
ę VAT (Value Added Tax) »
 15% rise in collectionof VAT for Oct-Nov
 China to simplify tax scheme after switch to VAT
 Cabinet clears key proposals on VAT, regularisation of jobs
 Cases of VAT overcharging flood consumer forum
 State seeks relief from Centre
 Flat rate VAT changes for small businesses explained
 Cenvat Credit Of Additional Duties Of Customs [Cvd] On Imported Coal
 Excise Dept puts VAT refund on fast track
 Consumer fora receive 18 VAT plaints
 Appointment of Assistant VATO - F.3(14)/Fin(Rev-I)2012-13/DSVI/334
 Bio-diesel body seeks VAT relaxation

Excise dept to mandatorily scrutinise firms VAT returns
September, 18th 2012

The state excise and taxation has now decided to mandatorily scrutinise value added tax (VAT) returns of companies. In yet another public notice, the department has sought the appointment of more auditors, in an attempt to keep track of companies, whose returns and scrutiny details dont match.

As per the notification, there are about 2.25 lakhs active assesses with the department and on a random basis at least 50 per cent of them will be under the scrutiny net.

If the returns filed by the company differ with figures of the scrutiny conducted by the excise staff, then the auditors will step in.

The entire process will have to be completed within 8-12 months.

The notice also states that the department has finalised the tender document for this purpose and before freezing the conditions of the contact, the department is interested in obtaining the views of prospective bidders so as to avoid changes in the tender document later on.

Interested bidders must have a gross turnover of Rs 50 cores per annum for the previous 3 years and a meeting in this regard will be held on September 27, the notice adds.

The industry, however, is not happy with yet another public notice.

While earlier not more than 3 per cent of the companies were under scrutiny and that too on a random basis, the decision to make it 50 per cent has sent shock waves across the industry.

Badish Jindal, president of the Federation of Association of Small Industries of India ( FASII) said: This is a way to create terror among industrialists.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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