Sunnyvale, CA (PressExposure) May 17, 2013 -- The Indian government has notified the rules to execute an amnesty scheme i.e. "Voluntary Compliance Encouragement Scheme" which was proposed in its February 2013 budget. A onetime reprieve will be given to service tax defaulters, who make a voluntary disclosure. Nair & Co., which provides international tax consulting for companies expanding overseas, says the amnesty scheme will be a relief for business organizations who have missed payments or filings deadlines of service tax.
To avail of this scheme, the amnesty applicants must complete the prescribed forms and comply with certain procedures as well as obtain registration under Service Tax in cases where they are not already registered.
This scheme will be applicable on service tax dues from October 1, 2007 to December 31, 2012; however, assesses currently under audit of the tax authorities will not be eligible to apply.
The service tax defaulters who apply under this scheme will be gain exemption from:
* interest and penalty, and
* prosecution if found at fault.
Who will benefit:
* People who have stopped filing service tax returns,
* non-filers of service tax returns,
* non-registrants, and
* Service provider's not declaring accurate service tax liability.
For more information about our international expansion services or to know more about our global regulatory compliance team please contact us at [http://www.nair-co.com/global-offices.aspx] Subscribe to regular global tax compliance alerts from Nair & Co.