Payment of ‘tax dues' through CENVAT before ST VCER, 2013 were notified
IN response to our DDT 2243 capsule of yesterday, VCES, 2013 - Payment of 'tax dues' through CENVAT Credit before ST VCER, 2013 were notified, we received the following mail from an Audit Officer from the office of a Principal Accountant General.
He has this to say –
"Though the provisions for VCES were made in the Finance Act, 2013, Section 114 of the Act authorities the Government to make rules for implementation of the scheme and the scheme was to be implemented from the date of publication of VCES Rules, 2013, i.e., w.e.f. 13.05.2013.
So, in the instant case, if the assessee has utilized the cenvat credit for payment of service tax before 13.05.2013, he can avail the benefit of VCES only in respect of the amount remaining unpaid as on 13.05.2013 subject to exceptions provided under Section 106 of the Finance Act, 2013."
It is time that the CBEC takes a hard look at the multifarious issues ailing VCES, 2013 before the scheme draws to a close. And it would be in the fitness of things that the scheme is extended by a couple of months for the benefit of all.