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Budget Highlights - IDT
In recent times, the law abiding assesses have to contend with large number of target based queries/notices, audits and summons generally high amount of tax terrorism. Infructuos demands [9095% bound to fail as per revenue officers themselves ] in VAT and Service Tax have been observed. These lead to demands and disputes which go on for years leading to killing the golden goose. Most of the matters may not be resolved at departmental...
Pre- Budget - Suggestions for Revenue Augmentation & Reforms
A. Suggestions for Revenue Augmentation + Reforms
1. Information in respect of assessees be shared between the Central Government and the State Governments on a reciprocal basis. This will facilitate reconciliation of returns and indicate areas / sectors of revenue leakage or areas requiring further investigation.
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Excise/Service Tax Audit in line with the Income-Tax Audit be introduced for traders/ manufacturers/ service providers having a turnover of goods/services...
Job Work under Central Excise & Service Tax
The manufacturing industries depends now a days stick to their core competencies and get most jobs done on outsourced basis.
The sending of raw materials/semi-finished materials for some process as per the directions of principal manufacturer is known as job work.
The industries who undertake the work of job work should be aware of the provisions under central excise and service tax applicable to them, so that can be compliant and not face demands of levy or...
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