VCES 2013 – Who Should Be Worried

The government of India showed its benevolent side by introducing the amnesty scheme which tends to pardon tax evaders from all penalties that come hand in hand with dodging the call of the authorities. Basically, under this scheme which is also known as the Voluntary Compliance Encouragement Scheme, evaders will be required to part with their gross amount due, without the imposition of additional interests to inflate the same to an unbearable burden. 

How to Use VCES 2013

Today, as the year 2013 is on the way to say goodbye, there are a number of defaulters who have plenty to worry about. For those who may have taken VCES 2013 for granted and may have thought that they would be better off staying in the dark, are losing their one and only chance to get their records straight with the authorities. From 1^st January 2014, the regular rules of dealing with evasion and defaulting will apply; leaving no one any scope for making any amends whosoever.

Those who may have woken up to the alarm a few days ago, there is sure to be a lot to hurry and worry about. From arrangement of required paper work and plenty to assess and organize, one is sure to be left flustered by the time disclosure is made. The happier lot includes those who sought the scheme it the earliest and have been written off with a clean chit. 

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Is Service Tax Amnesty Scheme an All-Inclusive Solution

There was a lot of happiness and thrill among a trail of defaulters of duties when the voluntary compliance scheme was introduced for the year of 2013. Putting it very simply, this scheme is designed ensure maximum recovery of unpaid dues which can fuse a whole lot of money in the treasury of the Indian government. At the same time, the benefits of the scheme are such that it allows massive benefits to the defaulters in the form of granting relief from imposition of additional fines and interests in the entire due amount along with freedom from the threat of being imprisoned. 

However, very unfortunately, the service tax amnesty scheme is not all inclusive. There are a number of aspects in the scheme that should be considered by all enthusiastic evaders before getting too happy with the announcement of the plan. To begin with, this plan is not applicable to those who have audit imposed on them or, have filed returns without paying the tax in the first place. Secondly, this scheme is applicable for dues amassed during the period of 01.10.2007 to 31.12.2012 and has to be filed by 31.12.2013. Filing after this date will amount to the usual penalties that are never too palatable by defaulters in general.