Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: form 3cd :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARD :: VAT Audit :: due date for vat payment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4%
« Service Tax »
 Do you know which 80C instruments can help you save tax and carry no future tax liability?
 E-way relief, for now, to e-commerce, courier firms sending small orders
 Where to invest for saving more on taxes
 A simpler GST can become a registry of all invoices, says iSPIRT’s Sharad Sharma
  Income Tax department may defend CPC in returns fraud case
 One GST rate not possible, next reform after compliance improves,
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST
  GST Network simplifies returns filing process
 Why is the successful roll-out of the e-way bill necessary?
 How service tax became revenue lifeline for the Govt
 Three simple tricks to save income tax without investing fresh funds

Service tax defaulters' amnesty scheme ends on Tuesday
December, 30th 2013

The next two days may see a large number of applications from service tax defaulters as deadline for the first-of-its-kind amnesty scheme ends on Tuesday.

The Voluntary Compliance Encouragement Scheme (VCES), which came into effect from May 10, allows a service tax defaulter to pay dues without any penalty or late payment charges. Under the scheme, a person may make a declaration to the designated authority on or before December 31.

“We expect a large number of applications before the last date of offer on Tuesday. All officers are fully geared up to manage the rush,” a Finance Ministry official said.

Over 21,000 applications involving tax amount of about Rs 3,762 crore have been filed, according to a latest official data.

Finance Minister P Chidambaram had recently said that schemes like VCES are rare opportunities which are unlikely to come again in the next 20 years. He had suggested tax evaders to take benefit of the amnesty scheme.

“Countdown has begun and the last date is December 31. Government has made a fair and generous offer, a one-time offer that is not likely to come your way for at least a couple of decades. Therefore, it is in the best interest of everyone to take advantage of the offer,” he had said.

A defaulter may declare his due tax liabilities, including the cess charges, for a period between October 1, 2007 and December 31, 2012 and pay it to the government after making a truthful declaration and can avoid penalty, interest or any other penal proceedings. The scheme was introduced by Chidambaram while presenting budget for 2013-14.

Of the 17 lakh registered assesses under Service Tax, only seven lakh were filing returns, Chidambaram had said.

An evasion of service tax of Rs 50 lakh and above has now been made a cognisable offence after the passage of current fiscal’s Finance Bill on May 10. The Finance Minister has proposed provisions of Criminal Procedure Code (CrPC) to arrest such offenders in 2013-14 budget, in line with customs and central excise laws. Earlier, the officials did not have any power to arrest a person for service tax evasion.

The ministry has set an indirect tax collection target of Rs 5.65 lakh crore for 2013-14, through customs, excise and service tax, up from Rs 4.73 lakh crore collected in the last fiscal.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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