18 February, 2016

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CBEC: Annual Information Return to detect Tax evasion

CBEC: Annual Information Return to detect Tax evasion

For detecting tax evasion the tool used by the income tax department now will be used by the Central Board of Excise and Customs. The annual information return, the Central Board of Excise and Customs (CBEC) will now use the annual information returns to detect tax evasion.
In a notification dated 15 February, CBEC has framed the Service Tax and Central Excise (Furnishing of Annual Information Return) Rules, 2016.
 
The CBEC has asked the Reserve Bank of India to file annual information return on remittances exceeding Rs.50 lakh made by a service provider based in India for receipt of services from overseas entities.
 
It has also directed state electricity boards to file annual information return with respect to manufacturing units such as producing beyond a particular threshold and consuming certain levels of electricity.
 
This will help CBEC in detecting any central excise or service tax evasion by manufacturing units and service providers respectively.
 
The information provided in these annual returns will enable the government to detect cases of evasion and incorrect declaration by comparing the same information provided by the assessees.








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