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India Clarifies Service Tax Voluntary Compliance Scheme

by Mary Swire, Tax-News.com, Hong Kong

08 July 2013


The Indian Government has said that it will address concerns and provide any necessary clarification regarding its Service Tax Voluntary Compliance Encouragement Scheme (VCES).

According to the Finance Ministry, representatives from the trade industry have expressed concerns about the VCES's audit systems and eligibility criteria, and recommended that a negative list of all ineligible categories be compiled.

Addressing a meeting attended by bodies including the Associated Chambers of Commerce, the Institute of Charted Accountants of India, and the Confederation of Indian Industry, Revenue Secretary Sumit Bose asked that they make the tax authorities aware of any apprehensions within the next two weeks. The comments received will be examined by the Central Board of Excise and Customs and revised information on the scheme will be released.

The VCES allows defaulting companies and individuals to disclose their tax liabilities and file their service tax returns. The service sector contributes around 65 percent of India's gross domestic product, but the numbers paying service tax remain low.

Bose stressed that the VCES is a liberal and trade-friendly measure. He urged businesses to take advantage of its benefits, and avoid the potential payment of interest and penalties.

TAGS: individuals | compliance | Finance | tax | business | tax compliance | India | tax incentives | interest | revenue guidance | law | audit | ministry of finance | tax authority | revenue statistics | penalties | trade | Compliance

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