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: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: TDS :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: articles on VAT and GST in India :: empanelment :: list of goods taxed at 4% :: form 3cd :: VAT RATES :: due date for vat payment
 
 
« Service Tax »
 Government allays fears on implementation of Goods and Service Tax
 GST pangs for 3 months only, people will adjust to new way of life soon
 GST, an old new tax
 Pay tax once on the input, deduct it from the output
 GST Network to begin accepting fresh registrations from June 25
 Indian GST is significantly unique, but is it better?
 GST example of national integration
 6 reasons you need not fear the GST regime
 Tax return filing extension on GST may not be enough
 GST: ‘Tech readiness, tax administration key challenges’
 GST return filing rules relaxed for Jul-Aug, July 1 rollout

No penalty on late payment: FM implements amnesty scheme for service tax defaulters
May, 22nd 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.

Reuters
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 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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