Evasion of excise or service tax may lead to jail-Finance bill 2013

Mar 4, 2013

As per finance bill 2013, there is a provision that if somebody is found guilty to pay service tax or excise, it may lead to arrest. The f...


As per finance bill 2013, there is a provision that if somebody is found guilty to pay service tax or excise, it may lead to arrest. The finance bill has been introduced in Lok Sabha by Finance Minister Mr. P Chidambaram.
According to the provision in finance bill, any evasion of excise duty or custom duty over Rs. 50 Lakh is non- bailable and cognizable under the new provision.

In service tax, anybody who failed to deposit service tax amount over Rs. 50 lakh may lead to imprisonment up to 7 years.

Section 91 is proposed to introduce in finance bill which provides power to arrest for specified offenses with the first to the offense of non-paying service tax collected. But the arrest would be only the rank of Superintendent of Central Excise or above.

In custom act too there are four offenses which are non-bailable under section 135 of custom act. This includes import and export of the goods which are not declared under the custom act provision and the value of the goods is above Rs. 1 crore.

There is also a provision in custom act with the duty drawback. If anybody does the fraud with duty drawback scheme and the amount of drawback or the exemption over Rs. 50 lakh, it would also be a non-bailable offense.
Keywords-finance bill 2013,finance bill,service tax under finance bill,service tax in finance bill 2013,excise in finance bill 2013,what is finance bill,features of finance bill 2013

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Taxalertindia: Evasion of excise or service tax may lead to jail-Finance bill 2013
Evasion of excise or service tax may lead to jail-Finance bill 2013
Taxalertindia
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