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Severe warning from the finance ministry: arrest on Service Tax evasion
The central finance ministry has
issues a severe warning that stern action will be taken throughout the country
on those who have not paid the service taxes .
The finance secretary, Mr. Sumit Bose
informed that the tax evaders may be arrested and prosecuted on the crack-down.
Across the country, 17 million people have registered to pay service tax.
However, only around 7 million people are filing tax account information. Those
who do not pay the service taxes will be considered as criminal tax evaders.
Service tax Voluntary Compliance
scheme (CVES) announced in 2013, has received an encouraging response. 16000
applications have been received till date and an amount of Rs.1, 500 Crore has
been credited so far. As on 29th December, the tax authorities have
received 40,000 applications and the associated service tax is estimated at Rs.
5,500 Crores.
The last date is fixed as 31st
December after which there will be no further extension. Delayed applications
will not get any benefits on CVES scheme.CVES provides incentives such as no penalties,
no interest rates to give the non-tax payers a final chance. This is valid for
those who have not paid service taxes from 1st October, 2007 to 31st
December, 2012. They can declare the details and pay 50% of the tax. The
balance can be paid interest-free within the next 6 months.
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