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Chidambaram Promotes Indian Service Tax Compliance

Mary Swire, Tax-News.com, Hong Kong

09 August, 2013

Indian Finance Minister P. Chidambaram has urged those who have failed to comply with Service Tax regulations to take advantage of a "no penalty, no interest" amnesty scheme.

Chidambaram made the comments while unveiling a new Frequently Asked Questions booklet on the Service Tax Voluntary Compliance Encouragement Scheme (VCES). He stressed that the VCES offers defaulters a one-time "golden" opportunity to come clean to the Central Board of Excise and Customs.

The scheme, which was launched in May, aims at encouraging the disclosure and payment of any outstanding Service Tax for the period from October, 2007 to December, 2012. If full payment is made, the authorities will waive the connected interest or penalty charges, and will not proceed with any other applicable punishment.

According to Chidambaram, over 1m Service Tax defaulters have been now identified. Of these, 1,400 have filed their declarations, generating revenue of INR6.5bn (USD105.5m).

The FAQs are based on input received from various industry bodies, and Chidambaram says they would be "of immense use" to those interested in taking part in the scheme. The booklet also contains the relevant VCES forms.

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TAGS: compliance | Finance | tax | tax compliance | India | tax avoidance | tax incentives | interest | revenue guidance | law | tax authority | tax breaks | revenue statistics | regulation | trade association | trade | Compliance |

 

 

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