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India Notifies Rules for ‘Voluntary Compliance Encouragement Scheme’: Update from Nair & Co. International Tax Compliance Services Team

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Nair and Co.
Nair and Co.

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.

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India Notifies Rules for ‘Voluntary Compliance Encouragement Scheme’: Update from Nair & Co. International Tax Compliance Services Team (Sunnyvale, CA) - 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. About Nair & Co. Nair & Co. provides you with your one touch outsourced finance, HR, legal and global tax compliance department for your international operations. If you are expanding abroad for the first time or increasing your global footprint, our turnkey solutions help you do so with minimal risk, stress and cost. We support 4000+ client operations in over 56 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com
Get the latest press releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts. Read more on: Global HR services, expat tax advice, international accounting services

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India Notifies Rules for ‘Voluntary Compliance Encouragement Scheme’: Update from Nair & Co. International Tax Compliance Services Team

  • 1. India Notifies Rules for ‘Voluntary Compliance Encouragement Scheme’: Update from Nair & Co. International Tax Compliance Services Team (Sunnyvale, CA) - 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. About Nair & Co. Nair & Co. provides you with your one touch outsourced finance, HR, legal and global tax compliance department for your international operations. If you are expanding abroad for the first time or increasing your global footprint, our turnkey solutions help you do so with minimal risk, stress and cost. We support 4000+ client operations in over 56 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com
  • 2. Get the latest press releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts. Read more on: Global HR services, expat tax advice, international accounting services