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: list of goods taxed at 4% :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: form 3cd :: ACCOUNTING STANDARD :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: articles on VAT and GST in India :: cpt :: TDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES
« 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

Hyderabad yields Rs 480 cr service tax under Voluntary Compliance Encouragement Scheme
February, 12th 2014

The city has yielded as much as Rs 480 crore under the Voluntary Compliance Encouragement Scheme (VCES). This far exceeds the expectations of the officials of the service tax department. Yet, there are several more defaulters who have not come forward to avail themselves of the scheme. Denizens have contributed almost up to 10 percent of the revenue generated under the Voluntary Compliance Encouragement Scheme (VCES).

As curtains come down on VCES for those who have never filed their service tax returns, despite registering with the department, officials areall set to attach the properties or the bank accounts of defaulterswho though declared, never made payments.

All those who have collected service tax from their customers but have failed to remit the same to the government will face the consequences, an official said.

Officials feel attaching property or bank accounts is the fastest way to recover the dues from the defaulters. "We have got full power to strictly deal with the defaulters who have not utilised VCES and shied away from to voluntarily disclose their tax liabilities. Those who have collected service tax but pocketed the same shall face arrest for deliberate and criminal evasion of tax", said an official.

Next in the line of fire as per a senior official of the department will be those who have either not bothered to get registered with the department or those who are maintaining fake or parallel bill books.

According to the officials, Hyderabad alone has logged in a record recovery of Rs 480 crores. "This is much more than the expectations pegged at Rs 250 crores for Hyderabad," said an official, adding that this is just the beginning, as the department aims at bringing every 'service provider' for registration and payment of dues.

Meanwhile 'anti evasion teams' constituted to collected intelligence and nab those indulging in non-payment of evading service tax have reportedly gathered loads of information about the defaulters.

"The service tax defaulters who have been evading payments and have not bothered to avail VCES, should watch out", said the official, adding that there would be no such amnesty scheme in the next two decades. A similar amnesty scheme was launched in 1997.

Maximum recovery of tax dues came from construction sector and IT related services. Theatre owners, exhibitors and builders are amongst the major defaulters of service tax as per the officials who disclosed that all the service providing sectors are being issued summons for depositing the service tax including media houses, sub-contractors, entertainment industry and cosmetic and slimming clinics etc.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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