NEW DELHI, Aug 7:
The Government today said it was not considering “strict laws” to check evasion of excise duty and Service Tax as the current regulations were adequate.
“Presently, no such proposal to formulate strict laws to check evasion of Central Excise duty and Service Tax is under consideration,” Minister of State for Finance Jayant Sinha said in a written reply to Lok Sabha.
He further said existing provisions under the present laws are adequate to check evasion of these indirect tax/levies.
Sinha said that detection of evasion and consequent action is an ongoing process, which includes launching of investigations against such companies and issue of show cause notices.
“However, evasion of Central Excise duty and Service Tax is not an offence under the Prevention of Money Laundering Act (PMLA),” he said while responding a query whether the Government has launched investigation against companies under the money laundering laws.
As per data provided by him, the Department of Central Excise issued 250 show cause notices up to May in the current financial year involving a demand of Rs 1,530.64 crore.
With regards to Service Tax, 951 notices were issued during the period involving duty demand of Rs 1,907.34 crore. (PTI)
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