6 TELECOS HUSHED UP OVER RS45K CR: CAG Auditor-General (CAG) has unearthed under-invoicing of revenue to the tune of over Rs 45,000 crore by six telecom companies from 2006 to 2010. The CAG submitted a related report to the President's Office and the Ministry of Finance in mid-February. The report, which is expected to be tabled in Parliament during the Budget Session, says that due to this massive under-invoicing, the exchequer lost more than Rs12,000 crore in taxes, that does not include penalty for tax evasion. Given the go-ahead by the Supreme Court and the Delhi High Court, the CAG audited the revenue and expenditure receipts of Airtel, Vodafone, Reliance Communications, Idea, Tata and Aircel. The auditors decided to undertake this exercise after they came across several cases of discrepancies in revenue calculations of the telecom companies in 2010 when the CAG was preparing the 2G scam report. Alerted by the auditors, then CAG Vinod Rai ordered auditing of the revenue and expenditure of the six telecom companies. The estimated tax evasion figure of over Rs12,000 crore is based on the tax structure and telecom levy norms between 2006 and 2010. The loss figure does not include the penalty for under-invoicing of revenue. It is expected that if the Government start acting on the CAG report, the telecom companies might have to pay up to Rs30,000 crore to the exchequer by way of tax and penalty http://www.dailypioneer.com/todays-newspaper/6-telecos-hushed-up-over-rs45k-cr-cag.html#
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Posted by: Ravi Narasimhan <ravi.narasimhan.in@gmail.com>
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