Interest, penalty and other consequences will be waived.
Investments under the framework would remain voluntary for employees.
This Budget positions India's taxation ideology as not merely a revenue source but as a strategic catalyst for growth, inclusion and long-term confidence.
According to a senior official of the Customs Department, the Finance Minister will hold review meeting on Service Tax Voluntary Compliance Encouragement Scheme.
The Budget offers a limited-time regularisation window with clear thresholds, defined payments, and immunity from penalty or prosecution.
The Finance Minister attributed the large number of defaulters to benign provisions of the Service Tax Act.
The fiscal deficit was 4.9 per cent of GDP in 2012-13.
The Budget 2025-26 meets the expectations of fiscal consolidation, maintaining capital expenditure, and boosting consumption through tax cuts.
The indirect tax department on Thursday hinted that Vijay Mallya, owner of the grounded Kingfisher Airlines, may face prosecution in a service tax evasion case.
Implications for capital gains, wealth taxes, and investment strategies require careful consideration, notes Anil Rego, founder and CEO, RightHorizons.
'The new Bill introduces no policy or rate changes, leaving financial planning strategies largely unaffected.'
'The considerations for choosing between the old and new tax regimes remain essentially unchanged.'
Experts say only three per cent individuals pay taxes.
Chidambaram said that of the total 17 lakh (1.7 million) registered service tax payers, only seven lakh of them were paying the levy.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
The Central revenue department is inquiring into the payment of service tax by the event management firm which had organised the controversial Thinkfest on behalf of the Tehelka magazine.
The Central revenue department is inquiring into the payment of service tax by the event management firm which had organised the controversial Thinkfest on behalf of the Tehelka magazine.
The government has decided to provide the tax defaulters another chance to prove their loyalty to the IT department, by implementing a single time amnesty scheme.
In a stern warning to service tax evaders, the government asked them to either pay their dues by tomorrow or face penal action which could include arrest and prosecution.
Punj Lloyd voluntarily deposited Rs 1.06 crore (Rs 10.6 million) on the spot through challans when excise officials visited them during an investigation in the matter.
Transactions were allegedly not reported correctly in the tax returns for FY20.
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As of September, account for bulk of applications for availing of the government's amnesty scheme.
Revenue from service tax, which has become a new focus area for Finance Ministry, has grown up substantially by over 300 times in past about two decades.
Calling Service Tax Voluntary Compliance Encouragement Scheme (VCES) a rare opportunity to make a "fresh start", Finance Minister P Chidambaram on Wednesday asked those in trade and industry to seize the offer, even as he made it clear that tax evaders would eventually be "reached".
Service tax accounts for one-third of the total indirect tax collection in the country and the government expects to raise Rs 1.8 lakh crore (Rs 1.8 trillion) through the levy this fiscal.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
A social stock exchange, broadly, is understood to be a platform that allows investors to buy shares, bonds or units in a social enterprise that has been vetted by the exchange. These allow firms operating in sectors such as health, environment and transportation to raise risk capital.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
'Today we see the worrisome phenomenon where honest officers who run afoul of the government being chased, hunted down and dirt being dug up on them.'
The India government needs to work on policies that can enhance global trade.
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