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VCES - CBEC mops up Rs 5500 Cr so far; Counters to remain open till midnight tomorrow: Revenue Secretary

By TIOL News Service

NEW DELHI, DEC 30, 2013: WHILE addressing the mediapersons today in Room No 72 at North Block, the Revenue Secretary, Mr Sumit Bose, said that the FM's favourite VCES Scheme has obtained massive response from the taxpayers. In the past four days the Department received 16000 applications resulting in a net revenue gain of Rs 1500 Crores. The total tally has shot up to Rs 5500 Crore with 40,000 declarants joining the VCES bandwagon. This figure is much more than what the CBEC top brass and the Revenue Secretary expected, confided a senior official in the corridors.

Having seen the last-minute rush and the contribution to the kitty, the Revenue Secretary today appealed to the taxpayers to make use of the Scheme which is open till tomorrow. Having seen the crowd in the weekend, it has been decided to keep the Central Excise and Service Tax offices open de hors the office hours today. Since tomorrow is the last day of the Scheme, the CBEC has made arrangements to keep the counters open till midnight.

Before concluding the Press Conference the Revenue Secretary did not forget to threaten the recalcitrant tax evaders of stern action which will be initiated from January 1.

 


 RECENT DISCUSSION(S) POST YOUR COMMENTS
   
 
Sub: VCES application after 8pm on 31-12-2013

Sir Most the bank accepting E-Payment of service tax have following modus for treating e-payment of same date & next day viz Timing:
1. This is a 24/7 facility and as such, customers can make the payment any time of the day.
2. All payments effected up to 8 PM will be accounted for the day itself and all payments
effected after 8 PM will be accounted as next working day's receipt.

What happens if a person files his VCES after 8pm on 31-12-2013 & makes e-payment of 50% before 9pm. Will it not amount to paying the same on 1-1-2014, thereby losing the benefits of VCES.

Posted by Punit Gupta
 
Sub: VCES - Declaration of Tax Dues Important

VCES scheme although publicised lately min various Commissionerates have yet come as successful thereby resulting in persons declaring truthful income and discharging service tax dues.

Assessess still feel that the CBEC should come out with further instructions today being the last day to make the Declaration submissions mandatory in form VCES-1 and thereafter relaxing the payment of Tax dues with or without interest before Jan 31, 2014.

Tax Dues declaration is important before 31.12.2013 and once the same is declared, the person cannot escape from its liability.

Sanjay Malhotra
Indirect Tax Expert

Posted by Sanjay Malhotra
 

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