CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. 'Too Early' To Judge Service Tax Amnesty

'Too Early' To Judge Service Tax Amnesty

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

02 September 2013


The Indian Government has said that it is too early to estimate the success of its service tax amnesty, as participants have until next year to settle their debts.

Answering a question in parliament, J.D. Seelam, the Minister of State for Finance, explained that the Service Tax Voluntary Compliance Encouragement Scheme (VCES) makes provision for payment in two instalments.

Under the scheme, the Government will waive any interest and penalties associated with the non-filing of service tax between October, 2007 and December, 2012, providing at least 50 percent of the tax owed is paid on or before December 31, 2013. The remaining tax due must be paid on or before June 30, 2014. After that date, and up to December 31, 2014, the VCES will continue to operate, but interest will be payable on the outstanding amount.

Seelam stressed that the Government is taking care to publicize the amnesty, and that the tax authorities are offering extra help to those who are eligible to take part.

TAGS: compliance | Finance | tax | tax compliance | India | tax avoidance | tax incentives | interest | revenue guidance | ministry of finance | tax authority | tax breaks | penalties | Compliance | Tax

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »