Finance Minister P. Chidambaram, released a booklet containing Frequently Asked Questions (FAQ) on Service Tax Voluntary Compliance Encouragement Scheme 2013, on 8th August'2013, said the scheme offering "no penalty, no interest" provides a one time opportunity to defaulters to come clean.
Chidambaram, who also released a Logo of Service Tax Voluntary Compliance Encouragement Scheme, 2013 on the occasion, further said that over ten lakhs defaulters have been identified.
Finance Minister said that 1400 defaulters have already filed their declarations amounting to Rs 650 crores. He hoped that the scheme will result in substantial disclosure by non-filers.
The Finance Minister exhorted the service tax assessees to make use of this golden opportunity and pay their tax dues to avail immunity from interest, penalty and other proceedings.
"The FAQs released today are based on inputs received from various agencies and quarters and would be of immense use for the compliers," he said.
Service Tax Voluntary Compliance Encouragement Scheme (VCES) announced by the Finance Minister in his budget speech has come into effect on 10th May, 2013.
The objective of the scheme is to encourage disclosure of Tax dues and compliance of Service Tax law by the persons who have not paid service tax dues for the period from Oct, 2007 to Dec, 2012, either on account of ignorance of law or otherwise.
On payment of the tax dues relating to the said period, there will be complete waiver of interest, penalty and other proceedings/ consequences.
The Frequently Asked Questions (FAQ) booklet on VCES contains clarifications on doubts and queries about the scheme. For ease of reference, the statutory provisions and the VCES Rules containing the VCES forms are also included in the booklet.
Revenue Secretary, Chairperson and other members of Central Board of Excise and Customs were also present on the occasion.
To Download Frequently Asked Questions (FAQ) booklet on VCES Click Here.
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