Paying tax under VCES has more benefits, explains PC
27 Dec 2013 12:35 AM GMT
Finance Minister P Chidambaram has said that assessees may choose to declare and pay tax for a part of the period covered under the amnesty scheme and balance under the normal provision of the Service Tax Law.
However, he advocated that paying tax under VCES would be more beneficial for the assessee as there would be a complete waiver of interest, penalty and other consequences.
Replying to queries during a live webcast on the Service Tax Voluntary Compliance Encouragement Scheme (VCES), 2013, organised by The Institute of Chartered Accountants of India (ICAI), the Harvard Business School MBA who is also a qualified statistician and lawyer, said he has instructed all Service Tax Commissionerate to issues VCES-2 in good faith to all declarants within a week of the declaration received in form VCES-1.
He also made it clear that the VCES is just a one-time amnesty scheme which will help the assessee to pay the ‘tax dues’ and make a fresh start. Further, he appealed to the ICAI and its members
to popularise the scheme and encourage assessees to avail of its benefits.
However, he advocated that paying tax under VCES would be more beneficial for the assessee as there would be a complete waiver of interest, penalty and other consequences.
Replying to queries during a live webcast on the Service Tax Voluntary Compliance Encouragement Scheme (VCES), 2013, organised by The Institute of Chartered Accountants of India (ICAI), the Harvard Business School MBA who is also a qualified statistician and lawyer, said he has instructed all Service Tax Commissionerate to issues VCES-2 in good faith to all declarants within a week of the declaration received in form VCES-1.
He also made it clear that the VCES is just a one-time amnesty scheme which will help the assessee to pay the ‘tax dues’ and make a fresh start. Further, he appealed to the ICAI and its members
to popularise the scheme and encourage assessees to avail of its benefits.
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