Tax evasion of over Rs 4,500 cr detected by Finance Ministry

Posted By: Religare
Subscribe to GoodReturns

Tax evasion of over Rs 4,500 cr detected by Finance Ministry
Finance Ministry has detected over Rs 4,500 crore in service tax, excise and customs duty evasion during 2012 after it started making efforts to check-in revenue leakage.

As per the data, out of the total Rs 4,744.92 crore of indirect tax evasion detected during April and December last year, officials made a recovery of Rs 531 crore.

As many as 592 cases involving service tax evasion of Rs 3,055 crore were detected during 2012-13 up to December. Sustained investigation via issuance of show cause notices among others had resulted in recovery of Rs 435 crore, it said.

The Finance Ministry officials had registered 321 cases of central excise duty evasion involving an amount of Rs 571 crore during the same period of last fiscal, it said.

The officials also made recovery of Rs 96 crore being evaded as excise duty after due investigation into the matter, the data said.

A total of 710 cases of customs duty evasion involving Rs 1,118.92 crore were detected between April-September last year, it said.

Read more about: tax evasion
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'