www.trsreddyca.com

+91 44 42617079

[email protected]


	Home Partners Services Goods & Services Tax Corporate Services Corporate Finance Services for Non-Residents Accounting Services Payroll Benefits of Outsourcing Income Tax Audit Value Added Tax (VAT) Corporate Governance TDS Knowledge Bank Calculators GST Calculator Tax Calculator TDS Calculator Calculate Net Profit Calculate Net Worth Effective Capital HRA NSC EMI Auto Loan Calculator Home Loan Calculator Get No. Of Instalment Bulletins Notification Circular Income Tax Company Law Service Tax Excise Matters Customs RBI SEBI FEMA Labour Laws Central Sales Tax Accounting Standards The LLP Act 2008 Accounting Standard (INDAS) Others GST VAT Delhi VAT Maharastra VAT Gujarat VAT Telangana VAT Tamil Nadu VAT IGST UTGST Compensation Cess Utilities Rates of TDS TDS Rates for N.R.I us 195 Rates of Income Tax Cost Inflation Index Rates of NSC Interest Gold and Silver Rates Rates of Depreciation Under Income Tax Act Rates of Depreciation Under Companies Act ROC Fee Structure (As per Companies Act, 2013) ROC Filing Fees (As per Companies Act, 2013) Application & Petition Fees (NCLT) Rates of Stamp Duty Limited Liability Partnership Fees National Industries of Classification IFSC Codes MICR Codes HSN Rate List Comparison of Deduction u/s 80TTA & 80TTB Links Quick Links Important Links GST/VAT Links Ease Of Doing Business Acts Direct Tax Income Tax Act Wealth Tax Act Income Declaration Scheme 2016 Indirect Tax Service Tax(Finance Act, 1994) The Central Excise Act, 1944 Customs Act, 1962 Central Sales Tax Act, 1956 Entry Tax Act Corporate Laws Companies Act, 2013 Companies Act, 1956 The Limited Liability Partnership ACT, 2008 The Securities and Exchange Board of India Act, 1992 VAT Laws Delhi Value Added Tax Act, 2004 Maharashtra Value Added Tax Act (2002) Rajasthan Value Added Tax Act, 2003 Bihar Value Added Tax Act, 2005 Karnataka Value Added Tax Act, 2003 Andhra Pradesh Value Added Tax Act, 2005 The Uttar Pradesh Value Added Tax Act 2008 West Bengal Value Added Tax Act, 2003 Punjab Value Added Tax Act Haryana Value Added Tax Act Telangana VAT Act 2005 Gujarat Value Added Tax Act, 2003 Tamilnadu VAT ACT, 2006 Other Statutes The Indian Partnership Act, 1932 Societies Registration Act, 1860 Reserve Bank of India Act, 1934 Competition Act, 2002 Monopolies and Restrictive Trade Practices Act, 1969 Foreign Exchange Management Act, 1999 The Employees' State Insurance Act, 1948 The Employees' Provident Funds and Miscellaneous Provisions Act, 1952 Profession Tax Act Right To Information Act, 2005 Equalisation Levy Act, 2016 The Insolvency And Bankruptcy Code, 2016 Maharashtra Real Estate Regulatory Authority and Rules THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016 GST Laws IGST Act , 2017 Central Goods and Services Tax Act, 2017 Union Territory Goods and Services Tax Act, 2017 GST (Compensation to States) Act, 2017 Rules Direct Tax Rules Income Tax Rules Wealth Tax Rules 1957 Income Declaration Scheme Rules 2016 Indirect Tax Rules Customs Valuation Rules Service Tax Rules Central Sales Tax (Delhi) Rules, 2005 Central Sales Tax (Maharashtra) Rules Entry Tax Rules Cenvat Credit Rules, 2017 GST Valuation Rules , 2016 Corporate Laws Rules Companies Rules, 2014 The Companies Unpaid Dividend Rules, 1978 Limited Liability Partnership Rules, 2009 LLP Winding up Rules, 2012 VAT Laws Rules Delhi Value Added Tax Rules, 2005 Maharashtra Value Added Tax Rules, 2005 Haryana Value Added Tax Rules, 2003 Andhra Pradesh Value Added Tax Rules, 2005 The West Bengal Value Added Tax Rules, 2005 The Uttar Pradesh Value Added Tax Rules, 2008 Punjab Value Added Tax Rules Rajasthan Value Added Tax Rules, 2006 Bihar Value Added Tax Rules, 2005 Karnataka Value Added Tax Rules, 2005 Telangna VAT Rules 2005 Gujarat Value Added Tax Rules, 2006 Tamilnadu VAT Rules, 2007 Other Statutes Baggage Rules, 2016 Profession Tax Rules NBFC Acceptance of Public Deposits (Reserve Bank) Directions, 1998 NBFC and Miscellaneous Non-Banking Companies (Advertisement) Rules, 1977 NBFC Auditor’s Report (Reserve Bank) Directions, 2008 Delhi Labour Welfare Fund Rules, 1997 Cost records and audit Rules, 2014 Equalisation Levy Rules, 2016 NCLT And NCLAT Rules The Insolvency and Bankruptcy of India Rules GST Rules Central Goods and Services Tax Rule, 2017 Forms Income Tax Forms Wealth Tax Forms ROC Forms (As per Companies Act, 1956) Companies Unpaid Dividend Forms Limited Liability Partnership (LLP) LLP Winding up Service Tax Forms NBFCs Forms FEMA Forms ROC Forms (As per Companies Act, 2013) Income Declaration Forms VAT Forms DVAT Forms MVAT Forms Bihar VAT Forms Karnataka VAT Forms UPVAT Forms Haryana VAT Forms WB Vat Forms Punjab VAT Forms Tamil Nadu VAT Forms CGST Forms GST Forms Accounts and Records Advance Ruling Appeals and Revision Assessment and Audit Composition Demands and Recovery Input Tax Credit Inspection, Search and Seizure Offences and Penalties Payment of Tax Refund Registration Returns Transitional Provisions Value of Supply News Query Careers Contact Us

Attempted Duty Evasion of over 50 Lakh made Non-Bailable

Duty evasion or even attempted evasion of over Rs 50 lakh has now been made non-bailable. Similarly, failure to properly disclose import or export of goods worth over Rs 1 crore will face the same treatment as will fraudulently claiming drawback or exemptions. In case of the Central Excise Act, the Finance Bill has proposed to amend the law to make duty evasion or improper availing of Cenvat credit of over Rs 50 lakh cognizable offence and also nonbailable. Cenvat credit refers to taking credits or seeking refunds for excise paid by a vendor of product. Section 91 (for service tax) is a retrograde step. The government is trying to squeeze service tax payers to increase collections by 45% to Rs 1.8 lakh crore, said Bishwajit Bhattacharya, a former additional solicitor general.He said the powers for prosecution had been removed from the statute several years ago and were now being brought back. For the industry,the bigger fear is misuse of the provisions by junior officers.The government will have to ensure that the powers are not used to harass taxpayers.But in general,it goes against the intent of ushering in a non-adversarial tax regime, added Pratik Jain,partner at consulting firm KPMG. Over the years, when it came to economic offences, the government had started shifting to a simpler regime but in the last two years, the trend seems to be changing. Even last year, Pranab Mukherjees move to increase powers with customs and excise officials had come in for criticism. As a result, the government dropped its plans to make certain violations of the customs and excise laws cognizable and non-bailable.

STRICT LAWS

SERVICE TAX

New provision of arrest for non-payment of service tax

EXCISE DUTY

Extends jail term to 7 yrs, with fine, if leviable duty is over Rs 30 lakh If duty liability crosses Rs 50 lakh,govt plans to make offence cognizable and non-bailable

CUSTOMS DUTY

Evasion/attempted evasion made non-bailable if duty exceeds Rs 50 lakh Fraudulently availing exemptions of over Rs 50 lakh made non-bailable offence

Times of India, New Delhi, 04-03-2013

33828 Times Visited