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: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd :: VAT Audit :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: cpt
 
 
« Service Tax »
 India’s E-Service Tax Will Add To Foreign Content Providers’ Woes
 GST Council to discuss model laws, tax jurisdiction today
 Tax Invoice Under GST
 Insurance may fall under 12% tax slab in GST, from 14% service tax currently
 GST draft makes it must for companies to pass tax benefit to consumers
 To speed passage, Government plans GST Bills as money Bills
 No service tax on train tickets booked through IRCTC till December 31
 GST Council meet postponed to December
 Banks integrating systems with RBI, GST Network to collect tax: Arun Jaitleya
 Service tax waived for online train ticket booking till Dec 31
 Key challenges in implementation of Goods and Services Tax

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