Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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 Audit :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: form 3cd :: VAT RATES :: ACCOUNTING STANDARD :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt
 
 
Service Tax »
 Changes In Central Goods And Services Tax Rules, 2017
 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

Government plans new return to plug excise, service tax evasion
September, 08th 2014

The government plans to introduce a new annual tax return that will include information from income tax audit report, including TDS and income tax returns, and cost audit report as it looks to draw information from multiple sources to clamp down on evasion of excise and service tax.

Several services - ranging from rent-a-car to air cargo, work contracts, forex dealers and brokers - are proposed to come under the lens by tapping third-party sources for identifying risk factors and improving compliance verification.

In the last Finance Bill, the government had empowered officers to collect information from income-tax authorities, state electricity boards, VAT authorities and Registrar of Companies. In a presentation before chief commissioners last month, the Central Board of Excise and Customs (CBEC) deliberated upon seeking information from municipal authorities, the telecom and insurance regulators, the RBI, Foreign Exchange Dealers Association of India, stock and commodity exchanges, Regional Transport Office (for tour operators, rent-a-car agencies) registrar of shops and establishments (for coaching classes and fashion designers) and IATA.

The proposed comprehensive returns are also a step in that direction. "The new return will not in any way increase the burden on the assessee. CBEC is considering the proposal," said a senior government officer closely associated with the plan. The move comes even as the board has identified close to a dozen other sources to generate information and match the returns.

Senior officers in the department said the move to introduce the new returns will also reduce the burden on taxpayers and is part of a shift towards the introduction of Goods & Services Tax, a top priority item for the Narendra Modi government.

Currently, for central excise, companies are expected to file monthly returns, which are detailed and put a lot of burden on taxpayers. For service tax, quarterly returns are mandated. Officials said that under the proposed GST, the central and state governments are looking at filing smaller monthly returns that run into 10-odd lines. Annually, companies would be required to file audited returns that provide details of production and other technical issues with the inclusion of income tax return also being looked at.

"There have been instances of the same company submitting different information to different agencies. By linking other sources, we will be able to crack down on evaders," said an officer.

In fact, tapping other sources has been identified as a key area for the current financial year's work programme, given the steep tax collection target.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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