For all the assessees paying excise and service tax to the tune of Rs 50 lakhs and above per annum, it will be mandatory to make the payment through e-mode from April 1, 2007.
While launching the electronic accounting system in excise and service tax (Easiest) on Wednesday, the finance minister, Mr P Chidambaram expressed concern about the ‘sizeable’ evasion of excise duties.
Mr Chidambaram said, "I am inclined to believe that there is sizeable evasion in excise duty. I would urge corporates to pay excise duty just as they are paying corporate income and service taxes." He also said, "Evading duties do not pay in the long run."
"When the economy is growing at 8.5-9 per cent and manufacturing by double digit, excise collections should also grow at the same rate," said Mr Chidambaram.
Stating that e-payment is the most convenient method for payment of excise and service tax, Mr Chidambaram said that in course of time everyone will be required to use the e-payment mode. He said that the ultimate goal is the data collection synergy in direct and indirect taxes.
The central board of excise and customs (CBEC) in association with the principal chief controller of accounts, Reserve Bank of India (RBI) and 28 scheduled banks has introduced a simplified electronic accounting system for central excise and service tax payments called Easiest.
The scheme is conceptualised to address the weaknesses in the existing tax accounting system, which is a manual system.
While the manual system required the taxpayer to file four copies of challan, Easiest would require only a single challan for payment of central excise and service tax. It would capture all the essential information required from the assessee in relation to his tax payments, said an official statement.
Courtesy : Asianage.com
While launching the electronic accounting system in excise and service tax (Easiest) on Wednesday, the finance minister, Mr P Chidambaram expressed concern about the ‘sizeable’ evasion of excise duties.
Mr Chidambaram said, "I am inclined to believe that there is sizeable evasion in excise duty. I would urge corporates to pay excise duty just as they are paying corporate income and service taxes." He also said, "Evading duties do not pay in the long run."
"When the economy is growing at 8.5-9 per cent and manufacturing by double digit, excise collections should also grow at the same rate," said Mr Chidambaram.
Stating that e-payment is the most convenient method for payment of excise and service tax, Mr Chidambaram said that in course of time everyone will be required to use the e-payment mode. He said that the ultimate goal is the data collection synergy in direct and indirect taxes.
The central board of excise and customs (CBEC) in association with the principal chief controller of accounts, Reserve Bank of India (RBI) and 28 scheduled banks has introduced a simplified electronic accounting system for central excise and service tax payments called Easiest.
The scheme is conceptualised to address the weaknesses in the existing tax accounting system, which is a manual system.
While the manual system required the taxpayer to file four copies of challan, Easiest would require only a single challan for payment of central excise and service tax. It would capture all the essential information required from the assessee in relation to his tax payments, said an official statement.
Courtesy : Asianage.com