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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: form 3cd :: TDS :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARDS :: VAT Audit
 
 
News Headlines »
 Here’s how the new tax provisions will impact you in 2017-18
 Income-tax (3rd Amendment) Rules, 2017
 How you can save tax in the last 2 days of current FY
 6 important income tax rules for individuals which will change from April 1, 2017
 Key changes in income tax rates individuals need to look at from 1 Apr
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money

FinMin warns of stern action against service tax evaders from Jan 1
December, 30th 2013

The Finance Ministry has warned stern action against service tax evaders from January 1 since the service tax Voluntary Compliance and Encouragement Scheme (VCES) is coming to end on December 31.

“I would like to advise that from January 1, 2014, stern action will be taken against service tax evaders and the provisions in the Finance Act relating to arrest and prosecution will be enforced in right earnest,” Finance Secretary Sumit Bose told reporters here.

Service tax assessees

There are 17 lakh registered service tax assessee, but only 7 lakh are filing the returns on a regular basis and the Ministry considers the rest as evaders.

He also claimed that here has been an overwhelming response to the VCES . “In the last four days, we have received over 16,000 applications involving Rs 1,500 crores of service tax dues,” he said while adding that up to Decemebr 29 tax authorities got 40,000 declarations involving over Rs 5,500 crore.

This would broadly correspond to Rs 55,000 crore of services, which have escaped the tax net.

No extension of VCES

He remided that there would be no extension of the scheme since the last date is laid down in the Finance Act.

In order to help the service tax assesses, it has been decided to open the service tax office beyond working hours on Monday and Tuesday. At the same time, the Government has also extended the banking hours in the designated branches up to 6 p.m. on December 31.

In addition, all Commissionerates have been advised to accept demand drafts/ pay orders submitted by declarants, under the Receipt Payment Rules.

Service tax dues

The declarants are once again reminded that they have to pay half of the declared tax dues by December 31, failing which they would be ineligible for the scheme.

The scheme offers ‘no penalty, no interest’ and provide one-time opportunity to the defaulters to come clean. Under it, defaulters have to pay at least 50 per cent of arrears for the five-year period ending 2012 (October 1, 2001-December 31, 2012) and the balance in another six months without interest.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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