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31 Dec 2014

Deadline for balance payment under VCES Scheme

The VCES Scheme was introduced to grant immunity from interest, penalty and other Legal proceedings including prosecution. As per sub- section (4) of section 107 of the Finance Act, 1994, last date for the payment of balance amount, if not paid on or before 30.06.2014, along with interest is 31.12.2014; failing which, the assesse would not be able to take the benefit of VCES Scheme.

Moreover, deadline prescribed under VCES could not be extended by any authority, as held in the case of Teknow Overseas (P) Ltd Assistant Commissioner of Service Tax (VCES), Delhi, (2014) 45 Taxmann.com 542 (Del).

To avoid any adverse consequence, all the declarant are suggested to deposit the balance tax along with interest by Today (31.12.2014).