Union Report 41 of 2016 - Revenue Service Tax

  • Date on which Report Tabled:  10th Mar,2017
  • Government Type:  Union
  • Union Department Type:  Indirect Tax
  • Sector:  Taxes and Duties
  • Report Type:  Compliance
  • Download Audit Report File:  Union Report 41 of 2016 - Revenue Service Tax(0.95MB)

Overview

The Service Tax collection was Rs. 2,11,145 crore during financial year 2015-16 (FY16) and accounted for 29.77 per cent of Indirect Tax revenue in FY16. Indirect tax collection have risen as a per cent of GDP in FY16 after registering a slight decline during the preceding two years. The share of Indirect Taxes in Gross Tax revenue increased in FY16 vis-à-vis FY15. Service Tax revenue as a percentage of GDP has been increasing every year during last five years, though it declined marginally during FY15. This Report has 162 audit observations on Service Tax, having financial implication of Rs. 256.88 crore. The Ministry/department had accepted (up to

December 2016) 158 audit observations involving revenue of Rs. 252.65 crore and reported recovery of Rs. 78.47 crore

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