Service tax evasion up three-fold to Rs 1651 cr in FY12 so far
India's service tax evasion, aided mainly by sectors like telecom and industrial construction, has jumped by a mammoth 200 per cent in the first quarter of the current fiscal touching Rs 1,651 crore.
The probe in many cases, according to sources, has led the enforcement agencies to a chain of evasions, beginning from service tax and excise to income tax and value-added tax (VAT) as non-registering of transactions on account books has been the modus operandi in a number of cases.
According to a report of the Directorate General of Central Excise Intelligence (DGCEI), the agency "detected and registered 83 cases of service tax evasion amounting to Rs 1651.13 crore, as compared to 117 cases involving service tax amounting to Rs 522.20 crore during the corresponding period last year, depicting a surge of 216 per cent in the amount of evasion detected".
Top sources in the Directorate said the amount of evasion is likely to exceed in the same period as investigations into some high-profile evasion cases are still underway.
The report also tabulated duty evasion on the central excise front to the tune of Rs 227.43 crore as compared to the detection of Rs 114.64 crore during the same period last year, statistically indicating a jump of 98 per cent in cases of evasion. (PTI)
Category : Service Tax | Comments : 0 | Hits : 515
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000

Comments