Tuesday , 17 July 2018

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Tax evasion at source

Many establishments have been deducting VAT and Service tax at source from their consumers. It is not known whether the deducted amount is accrued in to the Government treasury or not. We hear of raids on the establishments for evasion of various taxes. So, it confirms the evasion of taxes in large .
In this regard, it is known to everyone that prevention is better than cure. Presently, technology is available to network the large scale data of establishments. The need of the hour is to provide “Local Area Network ” connections to all the establishments and monitor the quantity of amount of tax deducted at source from the consumers . Subsequently, ensuring that all the amount deducted is to be realised to the Government exchequer.

This networking of establishments will have following advantages :

1. The Revenues of the Government increases without enhancing the tax rates or additional levy of taxes.
2. It avoids the tax evasion and there by controls the Black money.
3. It gives the correct figures of the commercial establishments existing.
4. The assessments under tax net increases.
5. There is possibility that citizens get good services.
6. Government departments can work with less staff, as some unnecessary procedures would be avoided. Court cases would also decreases.
7. The owners of the establishments would be disciplined to pay the taxes, as all the data would be available online.
8. Government can monitor the activities of the private establishments

Tax evasion at source Reviewed by on . Many establishments have been deducting VAT and Service tax at source from their consumers. It is not known whether the deducted amount is accrued in to the Gov Many establishments have been deducting VAT and Service tax at source from their consumers. It is not known whether the deducted amount is accrued in to the Gov Rating: 0
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