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Revenue Department Detects Tax Evasion of more than Rs. 1.37 lakh crore
April 10, 2017
The revenue department released a warning statement for the tax evaders, emphasizing that they would have to pay a heavy price for their unethical behavior. This was in conjunction with their announcement of the detection of Rs. 1.37 lakh crore tax evasion in indirect and direct taxes.
The 1.37 lakh crore can be broken down as: Rs 42,727 crore in Service Tax, Rs 13,952 crore in Central Excise, Rs 11,405 crore in customs, and Rs 69,434 crore in income tax.
Other Developments:
- Identification of over 1,000 shell companies that were involved in Rs. 13,300 crore worth fraudulent transactions.
- Issuing of more than one lakh notices have been issued by the corporate affairs ministry for the removal of non-complaint companies.
