November 9, 2013 2:04 PM

printer

Tax department would not fail to act on chronic defaulters of Service Tax: FM

Union Finance Minister P.Chidambaram today said that ten people were arrested across the country for not depositing the Service Tax they collected from clients and were using the money for their own purposes. Speaking at an interactive session on Service Tax at Chennai today, Mr.Chidambaram warned that the tax department would not fail to act on chronic defaulters of Service Tax. He said that on the voluntary compliance encouragement scheme, 17 lakh persons have registered and only seven lakh have paid the tax.The Union Finance Minister mentioned that the sectors including renting of immovable property, construction, IT, real estate, mining, advertisement, storage and warehouses are sectors chronic Service Tax evasion has been identified.The Finance Minister observed that fifteen years after the tax was introduced, large number of service providers have not been filing their returns and many had stopped filing. Mr.Chidambaram said that the tax to GDP ratio and the taxpayer base in India was one of the lowest in the world.

Most Read
View All arrow-right

No posts found.