VCES, 2013 comes to an end…well, almost
Legal Corner Icon — the image was hosted by the publisher and was not captured.THE VCES, 2013 publicity comes to an end today. Not a single newspaper or tax portal, big or small, is without the VCES advertisement panel - I NEVER DELAY IN ACTION.
Section 107 of the FA, 2013 relating to the Service Tax Voluntary Compliance Encouragement Scheme mentions the following -
(3) The declarant shall, on or before the 31st day of December, 2013, pay not less than fifty per cent, of the tax dues so declared under sub-section (1) and submit proof of such payment to the designated authority.
(4) The tax dues or part thereof remaining to be paid after the payment made under sub-section (3) shall be paid by the declarant on or before the 30th day of June, 2014:
Provided that where the declarant fails to pay said tax dues or part thereof on or before the said date, he shall pay the same on or before the 31st day of December, 2014 along with interest thereon, at such rate as is fixed under section 75 or, as the case may be, section 73B of the Chapter for the period of delay starting from the 1st day of July, 2014.
So, if you wish to settle your service tax dues under the VCES, pay the balance 50% or whatever is left by the end of the day else you will be required to pay interest.
Why wait for another day if you can settle the tax dues today itself!
Whereas the Service Tax assessees who settled their tax dues under this VCES, 2013 are a happy lot, the Central Excise assessees and importer/exporters etc. are awaiting their turn.
They expect acche din to come knocking and are keeping their fingers crossed eager to welcome a brand new KVSS this season!