Government to crack down on tax evaders
03 Jan 2013
The union government on Wednesday warned tax evaders that they could face penal action if they did not pay up their dues.
Revenue secretary Sumit Bose said in New Delhi that those who sought to avoid paying excise, customs and service tax could invite arrest, prosecution and property attachment.
"We are keeping a very close watch on such elements. They are advised to come forward and pay all taxes and avail of the benefit of reduced penalty," Bose told reporters.
Those who fail to pay excise duty should be prepared to face action which could include "provisional attachment of property, arrest and prosecution, suspension of Cenvat credit and 100 per cent penalty and interest".
The statements come amid moderate growth in tax collection and the urgency to contain the fiscal deficit to the targeted 5.3 per cent of the GDP.
The revenue secretary said government would urge all assesses to ensure they make timely and correct payment of customs duty, excise duty and service tax for continued trade facilitation.
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