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

Overview

The Service Tax collection was Rs 1, 67,969 crore 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.

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