Anomaly between ITR, service tax returns of businesses to be probed

Net service tax collections during 2016-17 stood at Rs 2.54 lakh crore as compared with Rs 2.11 lakh crore in 2015-16


New Delhi: The Department of Revenue has asked tax officials to investigate the difference between income tax returns and service tax returns of companies. Tax officials have been asked to check the difference in income tax and service tax return in the business data received from companies for the financial year 2015-16 and 2016-17.

PK Das, chairman of the Central Board of Direct Taxes and Central Board of Excise and Customs (CBIC), in a letter to the officials, said that the difference between tax deduction at source (TDS) for income tax return or source for the year 2015-16 and service tax returns filed accordingly was Rs 12 lakh crore.

This difference was found also in the financial year 2016-17. on this have been shared with the offices.

Das asked tax officials to verify the data and report to the CBI about this. He said, “… this big difference indicates revenue loss. It cannot be ignored.”

The difference in income tax returns and service tax returns has come up in the context of the PAN. It was found that many permanent account numbers were either not registered under the service tax or, if registered, service tax returns had not been filled.

In some cases, there is a difference between the declared business value between ITR or and service tax returns.

Service tax and several other levies were merged into Goods and Services Tax (GST) on 1 July 2017. Two financial years in the new indirect tax regime are under the scope of the department’s investigation.

The new service tax collection in the financial year 2016-17 was Rs 2.54 lakh crore. It was Rs 2.11 lakh crore in 2015-16.

Previous articleMost Muslims traitors, terrorist by nature: BJP MLA
Next articleKumaraswamy: Media shows Modi alone as he faces camera after make-up, waxing

This site uses Akismet to reduce spam. Learn how your comment data is processed.