Revenue Department takes notice of 9 lakh entities stop filing returns
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The Revenue Department has decided to cross check service tax returns in order to locate 9 lakh entities that have stopped filing returns. E -filing has been made mandatory from this year and the exercise of cross checking is likely to start after December 26, the last date for e-filing.
According to the official sources, earlier the returns were filed manually. But due to mandatory e-filing defaulters can easily be located.
The Budget target for service tax collection was 82,000 crore rupees for the fiscal, but now it has been increased by 10 per cent.
AIR correspondent adds that according to data, there are 15 lakh registered service tax payers in the country, however, only six lakh service tax payers are filing returns. The tax, at a rate of 10 per cent, is imposed on about 120 services, like banking, hotel and telephony. However, with the implementation of Goods and Services Tax (GST) the scope of service tax will be widened.
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