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There will be no further extension of the recently-launched Service Tax Voluntary Compliance Encouragement Scheme which expires on December 31, according to Sheila Sangwan, Member (Budget) of Central Board of Excise and Customs.
Speaking at a meeting on the scheme here today, she urged trade to make use of this one-time amnesty scheme and clear its tax dues.
The scheme was launched to enable the trade to clear service tax dues from October 2007 to December 2012. The scheme provides immunity from payment of interest.
Sangwan also said there would be no further amendments to the scheme. “We have set a growth target of 36 per cent from the current level of about 15 per cent,” she said, adding that the scheme would go a long way in meeting this target.
She said the scheme gave adequate time to the trade to raise the required finances to clear the tax dues. She also said that the Department would provide acknowledgement within seven days of the date of filing.
The meeting was informed that the scheme could fetch about 10 per cent of the service tax collections this fiscal. The scheme, if marketed adequately, could garner about Rs 10,000 crore on a conservative basis.
Members of the trade raised several issues and doubts such as Cenvat credit for the period and whether a declaration can be made under the scheme in respect of Cenvat credit.
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