Central Excise Chennai finds tax evasion of Rs 560 cr in FY13
The Central Excise Intelligence, Chennai Zone, has detected 164 cases involving excise and service tax evasion of Rs 560 crore in 2012-13.
New Delhi: The Central Excise Intelligence, Chennai Zone, has detected 164 cases involving excise and service tax evasion of Rs 560 crore in 2012-13.
"...During the Financial Year 2012-13, The Directorate General of Central Excise Intelligence, Chennai Zonal Unit (CHZU) has detected a total of 164 cases involving evasion of central excise duty/evasion of service tax to the extent of Rs 560 crore," an official statement has said.
A total of 166 show cause notices have been issued involving Rs 500 crore for various central excise and service tax cases during the year, it added.
The Chennai Zonal Unit said it recovered Rs 126 crore from excise and service tax evaders, up 50 per cent year-on-year.
"The CHZU has also recovered an amount of Rs 126 crore, comprising of Rs 16 crore from various evaders of central excise duty and Rs 110 crore from evaders of service tax which is almost 50 percent more than the previous year," it said.
Meanwhile, the Central Board of Excise and Customs (CBEC) has exceeded its about Rs 4.7 lakh crore tax collection target for the fiscal 2012-13.
The indirect tax collection target for the current fiscal is Rs 5.65 lakh crore.