The countdown for Service Tax Voluntary Compliance Encouragement Scheme, 2013 (“VCES” or “the Scheme”) has begun and the last date is December 31, 2013. The Government has made a fair and generous offer, a one-time offer that is not likely to come your way for at least a couple of decades.
Important highlights of VCES:
- Declare Tax dues on or before December 31, 2013 in Form VCES 1 for the period from October 1, 2007 to December 31, 2012
- Deposit at least 50% of the declared tax dues by December 31, 2013 and the remaining portion of tax dues has to be paid by June 30, 2014 without any interest or by 31st December, 2014 along with Interest w.e.f July 1, 2014
- Tax dues can be deposited even before issuance of Form VCES 2
- Complete immunity from interest, penalty and other proceedings
- No queries as regards the veracity and the manner of calculation of tax dues would be raised by the Designated Authorities