VCS Scheme

[Kalpessh Daftary]

What is the procedure for the VCS scheme and our cenvet credit can set off in this scheme  

AI Summary

Service Tax Defaulters Can Clear Dues Without Penalties Under VCES 2013; Register and File by December 31, 2013. The discussion outlines the procedure for the Service Tax Voluntary Compliance Encouragement Scheme (VCES) 2013, which allows service tax defaulters to pay dues without penalties for the period from October 1, 2007, to December 31, 2012. To avail of the scheme, unregistered declarants must first register and then submit Form VCES-1 by December 31, 2013. Payment of at least 50% of tax dues is required by December 31, 2013, with the balance due by June 30, 2014, or December 31, 2014, with interest. Cenvat credit cannot be used for payment. Certain individuals are ineligible, including those with pending inquiries or investigations as of March 1, 2013.