The Revenue Department is trying to locate 9 lakh business entities that have stopped filing service tax returns, with a view to improving collections and to ascertain whether there is any tax evasion
To locate 9 lakh entities that have stopped filing service tax returns, the Revenue Department has decided to cross check the present mandatory e-filings with past records.
The exercise is likely to start after 26th December, the last date for e-filing. "Earlier the returns were filed manually. But as e-filing has been made mandatory, we could now easily reconcile the filings with our records to find out who have stopped filing the returns," a Revenue Department official said. The official said the date of e-filing for half yearly return has been extended as trade could get enough time to adjust to the requirement of e-filing. The Revenue Department is trying to locate 9 lakh business entities that have stopped filing service tax returns, with a view to improving collections and to ascertain whether there is any tax evasion. The Department is faced with a task of collecting nearly Rs 90,000 crore service tax this fiscal.
The Budget target for service tax collection was Rs82,000 crore for the fiscal, but now it has been increased by 10%. There are 15 lakh registered service tax payers in the country. However, only six lakh service tax payers are filing returns.
When asked why the 9 lakh payers are not filing returns, the official said there could be several reasons. "Obviously one reason could be to evade taxes.
Besides, now there is an exemption from filing returns for entities with turnover of less than Rs10 lakh and also many businesses would have closed down," he said.
The tax, at a rate of 10%, is imposed on about 120 services, like banking, hotel and telephony. However, with the implementation of Goods and Services Tax (GST) the scope of service tax would be widened. Service tax realisation in the fist six months of the fiscal has increased by 35.6% to Rs36,459 crore.
According to the RBI data, the number of cheques cleared by banks in August 2011 also went down by 5% over the same month last year
The total value of transactions carried out through cheques across the country in August 2011 amounted to Rs7.43 lakh crore, down by 8.3% over the same month last year. Banks had cleared cheques worth Rs8.11 lakh crore in August 2010.
According to the Reserve Bank of India (RBI) data, the number of cheques cleared by banks in August 2011 also went down by 5% over the same month last year. A total of 11.16 crore cheques were cleared by banks during the month under review, compared to over 11.75 crore in the year-ago month.
During the April-August period, the total value of the transactions carried out using cheques stood at Rs41.23 lakh crore, against Rs41.39 lakh crore in the same period a year ago, a dip of 0.3%. A total of 55.5 crore cheques were cleared by banks during the first five months of the current fiscal, a decline of almost 3.5% from 57.53 crore in the April-August period a year-ago.
In August, the Mumbai region reported the highest number of cheque clearances as well as the maximum transaction value for any zone. Banks in the Mumbai region cleared two crore cheques, with total value of over Rs1.25 lakh crore.
Cheque transactions have been on the decline over the past few years with the growth of electronic transfer medium.
The SBI-Oriental Bank of Commerce Credit Card would be available in two variants-platinum and gold cards
Oriental Bank of Commerce (OBC) and SBI Cards have launched the SBI-Oriental Bank of Commerce co-branded credit card for the customers of Oriental Bank of Commerce. The SBI-Oriental Bank of Commerce Credit Card would be available in two variants-platinum and gold cards, offering benefits to customers of OBC.
Salient features of the Platinum credit cards include 10 cash points for every Rs100 spent on dining, departmental stores and international spends that amount to 2.5% value back; Kingfisher Airlines return ticket on joining—base fare complimentary; up to 3 Kingfisher Airlines return air tickets every year—base rate complimentary; complimentary access to international and domestic airport lounge through priority pass membership; the ability to redeem reward points against outstanding credit card bills, in addition to redemption against a wide array of gifts; and fuel surcharge waiver across all petrol pumps.
Salient features of the Gold card include one cash point per Rs100 spent; and
2.5% value back on purchases made at all departmental stores and groceries through accelerated cash points.