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: form 3cd :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT Audit :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT RATES :: articles on VAT and GST in India :: TDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt
 
 
« Service Tax »
 Financial sector to plead against service tax on remittances
 Uber slows down on driver sign amidst service tax and RBI investigations
 Centre against low GST threshold; wants a fresh look
 Goods and Services Tax bill to be tabled in winter session
 Panel suggests 16 slabs for goods and services tax
 As tax collection dips, taxman pitches for auction of defaulters’ attached assets
 Arun Jaitley : Final talks on with states on Goods and Services Tax
 Service Tax on Remittance Hard Blow to Keralites
 Government in final stages of discussions with states on GST: FM Arun Jaitley
 Belated returns in service tax
  Tax rates firmed up as GST gets set for 2016 rollout

FinMin implements amnesty scheme for service tax defaulters
May, 20th 2013

Aimed at widening revenue from indirect tax, the Finance Ministry has implemented one-time amnesty scheme for service tax defaulters to pay their due without any penalty or late payment charges.

The 'Voluntary Compliance Encouragement Scheme', which came into force after passage of Finance Bill on May 10, can be availed by a service tax defaulter by this year end.

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.

Also Read: No cheer for FM; April indirect tax mop up rises only 3.3%

The first-of-its-kind scheme was introduced by Finance Minister P 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.

"Many have simply stopped filing returns. We cannot go after each of them. I have to motivate them to file returns and pay the tax dues. Hence, I propose to introduce a one-time scheme called 'Voluntary Compliance Encouragement Scheme'," the Finance Minister had said.

However, any person who has furnished return and disclosed his true liability, but has not paid the disclosed amount of service tax or any part thereof, will not be eligible to make declaration for the period covered by the said return, the Finance Bill says.

To further encourage voluntary compliance by defaulters, the Finance Ministry has also decided to "reject" any enquiry or investigation against an evader, if he comes forward to make truthful declaration under this.

"A person may make a declaration to the designated authority on or before the 31st day of December, 2013," it said.

All such declarant under the scheme have to pay not less than 50 per cent of the tax dues on or before December 31, this year and the rest by June 30, 2014.

As per the government estimates, service tax evaders have deprived the exchequer of over Rs 9,872 crore during April- December, 2012.

During this period, 4,133 cases of service tax were detected. Over Rs 1,969 crore has been realised from the defaulters.

The officials are conducting surveys and extensive publicity about the pending service tax liability against the defaulters.

The government's indirect tax collection stood at Rs 4.75 lakh crore for 2012-13.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2014 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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