labels: economy - general
Service tax evasion rising: P Chidambaram news
17 August 2007

New Delhi: Rising service tax evasion has led to a loss of Rs940.78 crore loss in 2006-07, up from Rs725.71 crore in 2005-06 and Rs299.56 crore in 2004-05. Finance minister P Chidambaram today told the Lok Sabha in a written reply evasion in service tax has been rising since the last three years.

According to latest figures available, service tax collection till June stood at Rs10,012 crore (provisional) as against the budget estimate of Rs50,200 crore for the full fiscal.

On the action taken by the government against tax evaders, he said "On completion of investigation, show cause notice is issued for recovery of revenue involved and for imposition of penalty."

Chidambaram also said that many services were individually nmotified as taxable services during 2007-08. These include telecommunication service, services outsourced for mining of minerals, oil or gas among others.


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Service tax evasion rising: P Chidambaram