Leakages in Tax Collection - Solutions
Below are some of the key issues related to tax collection leakages as identified by you. Kindly review and if there are additional items you know of, please share. Otherwise, please help identify specific solutions Government can implement to plug these leakages. We look forward to your inputs!
Leakages in Tax Collections - Issues
1. The same family does business in the name of several firms and files separate returns for each firm to avail exemption limit and minimum tax slab benefits
2. Most of the NBFCs are obtaining TDS exemption forms from the individuals who are even not eligible for submission of the forms and exempt them from TDS. They never show this interest as income. Hence these NBFCs are flooded with the deposit
3. The department is aware of the fact that most of the payment of banquet halls is done by cash to save on service tax but nothing is done about it
4. People show fake house rent allowance receipts to save on taxes
5. Industrial products are not declared in correct number to evade excise duty
6. Textiles industry evades by cutting lengths in to pieces and show wastage to avoid taxes
7. Diamond, gold and silver jewelery traders and gold smiths evade by not declaring received pure gold and report impurities as losses
8. The food industry charges VAT and service tax but in many cases does not pass it on to the Government
9. The dues under these central taxes sometimes arises due to over pitched assessments due to lack clarity to assessing officers. more
Leakages in Tax Collections - Issues
1. The same family does business in the name of several firms and files separate returns for each firm to avail exemption limit and minimum tax slab benefits
2. Most of the NBFCs are obtaining TDS exemption forms from the individuals who are even not eligible for submission of the forms and exempt them from TDS. They never show this interest as income. Hence these NBFCs are flooded with the deposit
3. The department is aware of the fact that most of the payment of banquet halls is done by cash to save on service tax but nothing is done about it
4. People show fake house rent allowance receipts to save on taxes
5. Industrial products are not declared in correct number to evade excise duty
6. Textiles industry evades by cutting lengths in to pieces and show wastage to avoid taxes
7. Diamond, gold and silver jewelery traders and gold smiths evade by not declaring received pure gold and report impurities as losses
8. The food industry charges VAT and service tax but in many cases does not pass it on to the Government
9. The dues under these central taxes sometimes arises due to over pitched assessments due to lack clarity to assessing officers. more
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..................................... Venkatesan would like to stay in touch on LinkedIn. Venkatesan G ceo at Mould laserw elding Chennai Area, India View profile https://www.linkedin.com/comm/in/venkatesan-g-612b5b30?trk=eml-guest-invite-pprofile-link-cta&trkEmail=eml-invite_guest-null-418-null-null-%7Esgkkax%7Eji5kajku%7Eeh-null-neptune%2Fprofile%7Evanity%2Eview&lipi=urn%3Ali%3Apage%3Aemail_invite_guest%3Bd9njUGYER3CJxiDOfaF%2Bdg%3D%3D Confirm that you know Venkatesan https://www.linkedin.com/comm/start/accept-invitation?sharedKey=G69tcO0t&invitationId=6410731966777299040&trk=eml-guest-invite-cta&trkEmail=eml-invite_guest-null-416-null-null-%7Esgkkax%7Eji5kajku%7Eeh-ssuw-start%7Esignup%7Ewarm&lipi=urn%3Ali%3Apage%3Aemail_invite_guest%3Bd9njUGYER3CJxiDOfaF%2Bdg%3D%3D ..................................... Unsubscribe: https://www.linkedin.com/e/v2?e=-sgkkax-ji5kajku-eh&t=lun&midToken=AQFmrFVhGEd36Q&ek=invite_guest&li=426&m=unsub&ts=unsub&loid=AQHbuQCeM0FtoAAAAWPeNxwMKXTvzb1uaEFxqAvhdaRBoMJhLbAt16OC_626pqBZ1aSqOklzJyNMpVHlZe-uLHUz0yt6-VywCmt0rNRJOv-RdQrRB0Rh8j7pfqgJVivn6LaHqMX-HVhaBO4EKVaM-X1GSXe1tU8ED1RO&eid=-sgkkax-ji5kajku-eh Help: https://www.linkedin.com/e/v2?e=-sgkkax-ji5kajku-eh&lipi=urn%3Ali%3Apage%3Aemail_invite_guest%3Bd9njUGYER3CJxiDOfaF%2Bdg%3D%3D&a=customerServiceUrl&ek=invite_guest&li=425&m=footer&ts=help&articleId=67 You are receiving Invitation emails. LinkedIn will use your email address to make suggestions to our members in features like People You May Know. This email was sent to www.send_newpost++iytrtrfdmqgxbb++trtrqstrbbbb@localcirclesmail.com. © 2018 LinkedIn Ireland Unlimited Company, Wilton Plaza, Wilton Place, Dublin 2. LinkedIn is a registered business name of LinkedIn Ireland Unlimited Company. LinkedIn and the LinkedIn logo are registered trademarks of LinkedIn. more
Jun 08
- A lot of farmers also do the same. They have large holdings and to get govt subsidies and tax exemptions they divide the land into small holdings in different family names. - A lot of small business, local kirana stores, beauty parlors, etc are not registered as businesses and do not give a receipt. - A lot of restaurants charge VAT, service tax, sales tax and a number of taxes but not sure if any of this is going to the concerned. more
Jun 10
For sr.no.1 There are different reasons for doing business on different names other than only saving tax. more
Jun 10
