Active Blogs | Popular Blogs | Recent Blogs The Central Board of Excise and Customs (CBEC) has started tightening the noose around tax evaders. As per the official sources, this year, the department intends to profile banking and financial services, port services and business auxiliary services to pinpoint taxability of various components to enforce compliance. More services will be profiled in subsequent year.
Besides, the department is also strengthening audit for picking up more cases where credit claims are unusually high If also intends to encourage e-filing of service tax returns.
Service tax collections grew by over 34 per cent in 2007-08 and are projected to grow 27 per cent to Rs. 64,460 crore in 2008-09. Finance Ministry is hopeful to increase the collection if evasion of tax is checked.
For putting a check on tax evasion, the CBEC is also planning to divert excess staff from the central excise to the service tax wings. Central excise collections are falling short of the target year after year and the department is now focusing on service tax, which may become the largest component of indirect taxes in four to five years.
CBEC has also decided to study service lax collection trends category wise and open suspect cases for scrutiny.
To deal with issues like tax collections not deposited with the exchequer, the department will collect data from government departments and public sector undertakings.
The department has also launched a computerization drive to replace the age-old systems and network all offices for better taxpayer services. As per the official statistics, there are about 1.05 million registered service tax payers, of which nearly 50 per cent are active.
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