ICAI President message to Chartered Accountants on Service Tax Voluntary Compliance Encouragement Scheme, (STVCES) 2013 , The intro...
ICAI President message to Chartered Accountants on Service Tax Voluntary Compliance Encouragement Scheme, (STVCES) 2013,
The introduction of service tax in the year 1994 changed whole gamut of taxation in the country.Since then, the area has gradually evolved and in the year 2012 it was expanded to cover all services under its ambit, barring those that are specifically excluded under negative list. However, due to lack of knowledge or otherwise many prospective taxpayers have not paid the taxes that they are liable to pay.
To give such tax payers an opportunity to join the mainstream and pay all ‘tax dues’ from the period 01.10.2007 to 31.12.2012 without interest, penalty and other legal proceedings including prosecution, a golden opportunity has been given in form of Service Tax Voluntary Compliance Encouragement Scheme, 2013. The scheme is open till 31.12.2013.
The Institute of Chartered Accountants of India (ICAI) welcomes the Government’s move for bringing one time amnesty scheme in service tax as it will enable many assessees to pay tax without interest and penalty. The ICAI has been front runner in giving technical inputs on this amnesty scheme based on suggestions/feedback received from members spread across the length and breadth of the country. At this juncture, I am happy to inform you that many of our suggestions have been favourably considered.
I would like to compliment the Hon’ble Finance Minister, Shri P. Chidambaram for his initiatives towards streamlining the systems and efforts in educating the masses to avail the benefits of such initiatives. I would like to appeal to all my professional brethren to proactively compliment the efforts taken by the Ministry.
As the period is fast coming to a closure, I would like to make this appeal to all the colleagues to encourage their clients to come forward to avail this scheme. I hope that all the professionals would surely ensure that there would be a resounding response to the scheme. Please do not wait for any further clarification or the last date since non-registered declarants have to make a declaration and also pay duty before 31.12.2013. So, it is our responsibility to ensure that no potential declarant is denied this chance.
Place : New Delhi CA. Subodh K. Agrawal
Dated : 13.12.2013 President,
The Institute of Chartered Accountants of India