SERVICE TAX DEFAULTERS- BEWARE
Service tax evaders beware! Failing to deposit this tax may attract arrest & imprisonment upto 7 years. Due to Finance Bill 2013, the revenue department officials can now arrest a person for non-payment of collected service tax.
Earlier, the officials did not have any power to arrest a person for service tax evasion. But now the director and manager of a company who fail to pay collected service tax can be arrested with imprisonment for up to 7 years in addition to the penalty which may extent to Rs 1 Lakh.
The Section 91, which was incorporated in this year’s Finance Bill, […] Read more