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Thursday, March 21, 2013

Beware! Sales Tax Department is watching your accounts online


Beware! Sales Tax Department is watching your accounts online

Sales Tax Department 2013 New Rules

IN ORDER to widen tax net and detect manipulations in accounts. Sales Tax Department has set up a Cyber Forensic lab in the State. In fact, with the help of this facility, the department has collected "extensive information' about tax evaders.
Cyber Forensic Lab is part of the automation exercise of Sales Tax Department. Automation is being done to increase tax collection efficiency. It is being updated further to achieve greater efficiency in tax administration. The lab has got ultra-modern facilities that will detect manipulations or tampering in books of accounts maintained on computers. Thus, online recordsof accounts will be under scanner of Sales Tax Department.
With automation, extensive information is available in electronic form with the department. Deputy Chief M inister and Finance Minister Ajit Pawar mentioned in his budget speech on Wednesday that Economic Intelligence Unit of Sales Tax Department was analyzing this data. Once the analysis was complete, it would help in augmenting revenue and curbing tax evasion. Armed with this information, the department is likely to initiate stringent action against tax evaders.

Under ihe VAT system, lower rate of Central Sales Tax makes a large number of dealers eligible for refunds. To disburse these refunds speedily for 'convenience of dealers', the Government has proposed to allow adjustment of refund claim up to Rs 5 lakh in subsequent year. The admissible pan refund shall be granted within three months of due date for filing audit report after preliminary verification.

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