Tax Avoidance in Lubricant Oil Shipments

15 May 2013
Thiruvananthapuram

Finance Minister K. M. Mani has said attempts to evade tax by shipping in lubricant oil under the garb of industrial input would not be tolerated. The Minister said this while taking part in a video conference with assesses and the trading community. A trading license would be mandatory for local self-government institutions intending to apply for commercial tax registration.

Specified schemes announced in the 2013-14 Budget for the benefit of those who have launched trading activity have been implemented, Mani said. Answering a specific question, he said that those against whom no inquiries are pending would be granted exemption from penal payments or penalty if they voluntarily apply for registration before September 30.

He clarified that the directive to display tax identification number is merely intended to mark out those traders who have registered themselves in. he Minister requested the trading community to make maximum gains out of this exemption scheme, but went on to warn those failing to comply. The latter would be proceeded against from October 31.

Source– http://www.themobileindian.com/new-launches/2639_MTS-launches-phone-for-Rs-799-with-10-paisa-calling-in-Kerala

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