Finmin for third eye on excise duty evasion
The finance ministry is likely to come out with a plan in a couple of months to gather information on evasion of excise duty through sources like electricity bills and VAT payments.
“In a couple of months, we will have plans to gather third party information on excise duty evasion,” a finance ministry official said.
The third party information relates to gathering information on the assesse concerned through other sources and then matching this information with excise duty payment to assess whether the party was evading duty or not.
For this purpose, electricity bills or value-added tax payment of companies concerned could be assessed to see whether there are any gross mismatches between their various payments and excise duty payment, the official said.
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- Income tax refund (ITR) status can be checked on the National Securities Depository Limited (NSDL) website as well as on the income tax department’s e-filing site.
- Because of the November fall, the economy is set to contract again in the fourth quarter.