In a veiled threat to excise duty evaders, finance minister P. Chidambaram said today the Revenue Department would pay focussed attention during 2007-08 on tracking evasion of excise duty.
"While there has been a substantial increase in the collection of income tax and corporate income tax, there has not been a commensurate increase in the excise duty collections, signifying that there is evasion of excise duty. In 2007-08, there would be a concerted effort to check evasion of excise duty," Chidambaram said launching the electronic accounting system in excise and service tax (EASIEST) here today.
For all assessees paying excise and service tax to the tune of Rs. 50 lakh and above per annum, it would be mandatory to make the payment through e-mode from April 1, 2007, Chidambaram said.
Stating that e-payment was the most convenient method for payment of excise and service tax, Chidambaram said that in course of time everyone would be required to use the e-payment mode.
The Central Board of Excise and Customs in association with Principal Chief Controller of Accounts, RBI and 28 scheduled banks has introduced a simplified electronic accounting system for central excise and service tax payments called EASIEST.
SOURCE-(Tribune, 08/03/07)
