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Things To Know About Service Tax Amnesty Scheme in India

When it comes to the matter of evading duties, one cannot expect the government to take the matter lightly and grant the defaulters an easy pardon. Considering the condition of the Indian economy, forgiving the guilty party and letting them loose with a pat on their backs is something that our authorities cannot afford to do. Penalties in the form of added interests and fines are common under cases of voluntary and involuntary disclosures, which again is a threat that causes maximum defaulters to remain out of sight for an indefinite period of time. Keeping this under consideration, the authorities introduced the voluntary compliance encouragement scheme that is meant to take a gentler stand on the defaulters; in a way, persuading them to disclose without apprehending dire consequences.

While introduction of such measures by the government has proved beneficial for both the involved parties, there are many aspects of this service tax amnesty scheme that requires thorough understanding by all who wish to make the most of it. To begin with, the entities who can take benefit of this scheme include those who are registered but have not filed their duties or, returns or, those who are neither registered when they are supposed to be nor have they filed their dues or, returns. Under certain cases where the concerned assesses may have filed their dues through e payment options but somehow, their transaction did not get cleared can also come under the purview of amnesty.

Secondly, it is crucial to realize that amnesty scheme does not pardon the payment completely. It only subtracts the added interests and penalties while ensuring easy payment option of the complete due amount through easy installments. Thirdly, what matters most is the aspect that covers those who are not considered eligible to take benefit from this system. This mainly includes any person who has received notice or order of assessment (audit). The next in line for disqualification are those who may have filed returns but not paid their taxes. Understanding the different aspects of the scheme is possible through a number of professionals and websites that are dedicated to this end.

One thought on “Things To Know About Service Tax Amnesty Scheme in India”

  1. Double-edged sword, #SaveOurSchools from profiteers, education propagandists, WhatsAppia hyper – Make perfect timings, take some, give some – keeps the #δemocracy cycle well-oiled!

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