Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: cpt :: empanelment :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT Audit :: TDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Service Tax »
 Indian GST is significantly unique, but is it better?
 GST example of national integration
 6 reasons you need not fear the GST regime
 Tax return filing extension on GST may not be enough
 GST: ‘Tech readiness, tax administration key challenges’
 GST return filing rules relaxed for Jul-Aug, July 1 rollout
 GST Council gives return filing breather to India Inc for 2 months
 All eyes on 18 June as GST Council meets to iron out niggling issues
 GST Council's June18 meet to finalise e-way bill, anti-profiteering rules
 Valuation of Tax liabilities Under GST Regime
 Govt to go soft on GST monitoring for a few months, let traders settle down

FinMin may garner Rs 3,000 crore from service tax amnesty scheme
December, 16th 2013

A one-time amnesty scheme to encourage payment of service tax dues is proving to be a winner for the Finance Ministry.

“We have managed to get over Rs 2,500 crore from the Voluntary Compliance Encouragement Scheme for Service Tax. The total will easily exceed Rs 3,000 crore or even much more than that,” Finance and Revenue Secretary Sumit Bose told Business Line.

This scheme scheme was introduced in this year’s Budget , which was notified on May 10, and the window will close on December 31.

Every day, 800 to 900 applications for settling dues are coming in. So far, “we have got over 12,000 applications,” Bose said. The largest number of applicants is from the construction sector, followed by the manpower/private security firms, and rentals sector.

“Renting here refers to income earned on letting out premises for commercial purpose and not for normal residential purpose. Service tax is due in many of such instances and this scheme provides an opportunity,” Bose said .

Clarifications helped

After a lukewarm response during the initial days, Finance Minister P. Chidambaram met trade and industry representatives in Chennai, Delhi, Mumbai, Kolkata, Bangalore and Hyderabad. Based on the queries raised at these meetings, the Ministry issued two clarifications, with the latest one being on December 11. This allowed applicants to pay a minimum of 50 per cent of the tax dues in instalments, and not as a lump sum, by December 31.

Bose also ruled out extending the scheme beyond December 31. “Since this scheme has been introduced through the Finance Act of 2013 and the Act prescribes the time limit, taking it beyond (is) not possible,” he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions