Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Service Tax »
Open DEMAT Account in 24 hrs
 Income Tax SFT return filing due date extension: Facility to remain open for a couple of days Latest news
 Income tax filing: Waiting for your Form 16? Here is what you need to know
 Salaried? Rental tax calculation rules you should know before ITR filing in 2023
 What are new tax regime's slabs? Know its limits, benefits, and more
 How much additional tax do you need to pay? ITR filing last date for FY 2019-20
 Income Tax Return Filing: How to file ITR - step-by-step guide
 New Income Tax Slabs for Super Senior Citizens 2023-24: Which rate will apply for ITR now?
 Income Tax Return filing 2023 data: How many Indians aged 18-35 years file ITR?
 Make tax-saving a part of your overall investment plan
 Filing ITR? Maximize Your Tax Savings With These 7 Allowance Benefits
 Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act, 1961 ('Act') in view of the then-Covid-19 pandemic

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 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting