Hyderabad: Come clean and avail of double benefits! Less than half of the registered assessees file their Service Tax returns and there are those who are yet to register themselves with the Service Tax Department. However, the silver lining for both the department and the defaulters of Service Tax dues is the one-time Voluntary Compliance Encouragement Scheme” under the Service Tax Voluntary Compliance Encouragement Rules 2013. It is an Amnesty Scheme for those who never filed their returns and those who stopped doing so. For the Service Tax department, this shall surely widen its tax base further. Pinning their hopes on this scheme, CBEC officials said that those, including individuals or firms etc., voluntarily disclosing their Service Tax liabilities and filing their returns under this scheme would enjoy exemption of interest on Service Tax dues and penalty. Service Tax dues from October 1, 2007 to December 31, 2012 can be declared under this scheme. Further no inquiry, investigation or audit should be pending against the declaration as on the March 1, 2013. The dues can be paid in two installments i.e. 50 per cent before December 31, 2013 and remaining by June 30, 2014. However, if the dues, despite the declaration, are not cleared by June 30, 2014, interest shall be levied thereafter from July 1, 2014. “However, suitable provisions under law would be evoked if the person makes false declaration under this scheme,” shared the official. An official said that reaching out to all the Service Tax payers is not possible and thus the Voluntary Compliance would ease off burden on the department as well while having its own perks for the assesses as well. An official clarified that those who are not paying dues despite official disclosure or have been served with notices do not come under ambit of this offer. “Clarity on various aspects of this scheme would come after instructions of official implementation of the same arrive,” he added. States:
Posted on: Tue, 18 Jun 2013 03:41:37 +0000
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