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: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: Central Excise rule to resale the machines to a new company :: form 3cd :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARDS :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
« Service Tax »
  Simple GST, thanks to SAP and Assocham's tech resource centre
 Next steps for the goods and services tax
 Benefits of GST to home buyers In the next lifetime
 GST: Jaitley says yes to cess, no to additional tax for compensating states
 GST to enhance ease of doing business, says Assocham
 Govt sources say cess is a better option than high tax rate
 Goods and Services Tax: There should not be more than three grades of rates, says Chidambaram
 Chidambaram says there cannot be multiple tax slabs in GST
 Service tax officials transferred for favouring realtor
 GST, a challenge and opportunity for accounting professionals’
 Service Tax On Hotels And Restaurants – Recent Delhi High Court Judgment

Service Tax amnesty scheme may fetch about Rs 6,000 crore
January, 14th 2014

The Voluntary Compliance Encouragement Scheme (VCES), which was implemented from May 10 last year, has got an encouraging response, a revenue department official said.

About 48,000 declaration forms involving service tax revenue of at least Rs 6,000 crore may have been filed under the scheme, he said.

"This is the rough amount. The exact number of such applications and amount pledged is being finalized in coordination with various Service Tax Commissionerates and other offices which were mandated to receive such claims from defaulters," the official said.

VCES was announced to allow a service tax defaulter to pay dues without any penalty or late payment charges. Under the scheme, a person was to make a declaration to the designated authority on or before December 31, 2013.

A large number of declarants had come forward on the last two days before the scheme ended, he said.

Finance Minister P Chidambaram, who had announced this scheme while presenting the budget for 2013-14, had recently said that schemes like VCES were rare opportunities unlikely to come again in the next 20 years. He had asked tax evaders to take benefit of the amnesty scheme.

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

An evasion of service tax of Rs 50 lakh and above has been made a cognisable offence after the passage of current fiscal's Finance Bill on May 10 last year.

The Finance Minister had proposed provisions of Criminal Procedure Code (CrPC) to arrest such offenders in 2013-14 budget, in line with customs and central excise laws.
Earlier, 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 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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