Amnesty Scheme -Service Tax Voluntary Compliance Encouragement Scheme, 2013

BY CA Manoj Kohli 1st March 2013 To encourage voluntary compliance
and broaden the tax base, one time Amnesty Scheme has been introduced
by Finance Bill, 2013 called as “Service Tax Voluntary Compliance
Encouragement Scheme, 2013 by way of:

•a. waiver of interest and penalty; and

•b. immunity from prosecution,

The essence of scheme will be that to get complete waiver from
interest and penalty, assessee shall make a declaration about his tax
dues and shall pay not less than fifty per cent of the tax dues so
declared along with submission of proof of such payment to the
designated authority on or before the 31st day of December, 2013.
Balance of the tax due declared but not paid shall be required to be
paid by the declarant on or before the 30th day of June, 2014.

However, in case a declarant fails to comply with the time limit as
mentioned above but pays the same on or before 31.12.2014, interest
shall be payable only for the period of delay as starting from
1.7.2014.

This scheme will be benefited to the stop filers, non-filers or
non-registrants or service providers (who have not disclosed true
liability in the returns filed by them during the period from October
2007 to December 2012) who pay the “tax dues

News Team

We are a citizen journalism news Web site based in INDIA,that aims to put a human face on the news by showcasing vivid, first-person stories from individuals involved in current events. "We are driven by the belief that writing in the first person is more compelling than traditional journalism because it almost always requires the inclusion of personality. Third-person “he-said-she-said” reporting can mask the truth while making the reporter’s prejudice appear objective. "We invite ordinary people to tell their stories and photographs for free, letting readers vote on their favourites. The highest-rated stories star on the web site’s main pages, netting citizen journalists’ names high ratings and exposure on web search engines.

Leave a Reply

%d bloggers like this: