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 :: VAT RATES :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: empanelment :: TDS :: Central Excise rule to resale the machines to a new company :: VAT Audit :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS
 
 
News Headlines »
 Make your inventory and invoicing software GST Ready from Binarysoft
 Filing income-tax returns gets simpler for salaried persons
 Ten rules you must follow while filing income tax returns
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes

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