Tops Security to clear service tax liability by June 2014
September, 04th 2013
Private security firm Tops Security today said it will clear all its outstanding service tax liability by June, 2014.
"Tops Security has an understanding and a signed agreement with the DGCEI that the company will pay the current service tax from October 2013 (estimated at Rs 3 crore per month) and also simultaneously liquidate the liability (towards interest) related to January 2013 to September 2013 by June 2014 thus bringing the company on track," it said in a statement.
As of December 31, 2012, the outstanding service tax due by Tops Security was Rs 55 crore. A payment plan had been agreed with the Directorate General of Customs, Excise and Investigations (DGCEI) to pay Rs 50 crore by August 2013 which was completed on time, it said.
The company further said,"(it) has not defaulted any of its its service tax payments and has paid Rs 111.47 crore worth of service tax in the last three years".
Referring to media reports, Tops Security said that there was no "physical raid" on its headquarters and added that the property is hypothecated with the bank with a second charge with the service tax authorities.
Admitting that "few of Tops Security Limited's bank accounts were frozen...several months ago", the company said, "(which) was conducted as a matter of protocol. To date, this has never affected the company's business growth or operation."
Tops Security is one of the leading private security service providers in the country.