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: empanelment :: cpt :: articles on VAT and GST in India :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: list of goods taxed at 4%
 
 
Service Tax »
 All you want to know in 5 brief points
 GST loss to be reduced by slice of service tax
 Government encouraging self-registration for GST
 Spl assembly session on GST Bill on May 9
  Getting the trade to align with GST is a challenge
 Getting the trade to align with GST is a challenge
 With GST launch, race against time to avoid sales tax upheaval across India
 GST to rate taxpayers, businesses on payment record, make ratings public
 7 major benefits of Goods and Services Tax
 100 Opening GST Profiles- Indirect Taxation- ALL Industries
 New Opening Sr. Manager-Indirect Tax For A Leading Power Company

Scheme to promote voluntary compliance with service tax
March, 01st 2013

The proposed scheme to encourage voluntary compliance with service tax announced in the Union budget is a tool to broaden the tax base. It excludes cases where the assessees have disputed the levy, or against whom the government has initiated action.

What the Service Tax Voluntary Compliance Encouragement Scheme, 2013, aims to provide is a one-time amnesty to those who have collected service tax but haven’t remitted it to the government.

Tax expert and advocate K. Vaitheeswaran says besides persons and organisations that are liable and haven’t paid the list may include those collecting the levy without even being registered as an assessee.

“The scope of the scheme is limited,” he says, underscoring need for the government to have considered this scheme as a mechanism to resolve disputes pertaining to levy amount by the service providers. Some of these cases have been dragging on for several years. The scheme will hence be more attractive if the restrictions are removed.

According to budget documents, under the “amnesty scheme for non-filers and stop-filers,” the interest and penalty will be waived. It will also provide “immunity from prosecution to the stop-filers, non-filers or non-registrants or service providers (who haven’t disclosed true liability in the returns filed by them from October 2007 to December 2012) who pay the tax dues.” The scheme will be operational from the date on which the Finance Bill, 2013, receives the assent of the President.

In his speech, Finance Minister P. Chidambaram said only about seven lakh of the 17 lakh registered assessees filed the returns. “Many have simply stopped filing the returns. We cannot go after each of them. I have to motivate them to file the returns and pay the tax dues.” A defaulter, he said, may avail himself of the scheme on condition that he files a truthful declaration of service tax dues since October 1, 2007, and makes the payment in one or two instalments before the prescribed dates. “I hope to entice a large number of assessees to return to the tax fold. I also hope to collect a reasonable sum of money,” he said.

Mr. Vaitheeswaran told The Hindu that the scheme was not available for people where any enquiry, investigation, search, summons or audit had taken place. It is for people who apprehend that the department will issue a notice and hence opt for voluntary compliance.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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