CAG Compliance audit observation on Indirect Taxes

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Report No.1 of 2016 – Compliance Audit on Indirect Taxes-Service Tax Union Government Department of Revenue

“The Service Tax collection was Rs 1, 67,969 crores during financial year 2014-15 (FY15) and accounted for 30.75 percent of Indirect Tax revenue in FY15. Indirect tax collection as a ratio of GDP has decreased in FY15 vis-à-vis FY14, while as a ratio of Gross Tax revenue, it has increased. Service Tax revenue as a percentage of GDP has been increasing every year during last four years, though it declined marginally during FY15.

This Report has 166 audit observations on Service Tax, having financial implication of Rs 386.35 crore. The Ministry/department had accepted (up to January 2016) audit observations involving revenue of Rs 373.58 crore and reported recovery of Rs 53.77 crore”.

Read More at: http://www.cag.gov.in/content/report-no1-2016-compliance-audit-indirect-taxes-service-tax-union-government-department

Report No. 2 of 2016 – Compliance Audit on Indirect Taxes-Central Excise Union Government Department of Revenue

“The Report contains significant results of the compliance audit of the Central Board of Excise and Customs under the Department of Revenue – Indirect Taxes (Central Excise) of the Union Government. The instances mentioned in this Report are those, which came to notice in the course of test audit for the period 2014-15; as well as those which came to notice in earlier years but could not be reported in the previous Audit Reports. The audit has been conducted in conformity with the Auditing Standards issued by the Comptroller and Auditor General of India”.

Read more at: http://www.cag.gov.in/content/report-no-2-2016-compliance-audit-indirect-taxes-central-excise-union-government-department

Report No. 5 of 2016 – Compliance Audit on Customs Department of Revenue Union Government

“During the financial year 2014-15 the Custom Receipts of ` 1,88,016 crore grew by nine percent over the previous financial year accounting for 34 percent of Indirect Tax revenue and 15 percent of Gross tax revenue. The ratio of Customs duty collected to GDP had reduced to 1.5 percent, however, the duty foregone increased by 100 percent to ` 4,97,945 crore in the last five years.

The Report has a total revenue implication of ` 1162 crore covering 122 paragraphs in addition to several systemic and internal control issues worth ` 37,852 crore. There were 80 paragraphs involving money value of ` 82 crore on which rectificatory action was taken by the department/Ministry in the form of issuing show cause notices, adjudicating of show cause notices and recovery of ` 22 crore. A few significant findings included in this Report are mentioned in the report”.

Read more at: http://www.cag.gov.in/content/report-no-5-2016-compliance-audit-customs-department-revenue-union-government

CAG Compliance audit observation on Direct Taxes

Report No.3 of 2016 – Compliance Audit on Direct Taxes Department of Revenue Union Government

“This Report for the year ended March 2015 has been prepared for submission to the President under Article 151 of the Constitution of India. The Report contains significant results of the compliance audit of the Department of Revenue-Direct Taxes of the Union Government. The instances mentioned in this Report are those, which came to notice in the course of test audit for the period 2014-15 as well as those which came to notice in earlier years but could not be reported in the previous Audit Reports; instances relating to the period subsequent to 2014-15 have also been included, wherever necessary”.

Read more at: http://www.cag.gov.in/content/report-no3-2016-compliance-audit-direct-taxes-department-revenue-union-government

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