Friday, July 15, 2016

CBEC to use SEBs - AIR to detect tax evasion

According to a CBEC notification issued earlier this year, the SEBs are required to file annual information returns (AIRs) under sub-section (1) of section 15A of the Central Excise Act on the electricity consumed by manufacturing units using induction furnace or rolling mill and whose aggregate (annual) value of clearances exceeds Rs 1.5 crore.

The boards need to file the AIRs pertaining to a particular financial year by June 30 in the subsequent year. The idea, of course, is to cross- check information provided by the assessees and ascertain if they under-reported production to evade/under-pay excise duty and/or service tax.

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