Union Finance Minister P Chidambaram on Thursday unveiled a service tax voluntary compliance promotion scheme (VCES) and asked tax offenders the opportunity to come clean or face a fine by December this year and the rest by June, 2014.
VCES aims to promote their own tax payments, giving them a rare opportunity to pay half their tax contributions without interest or penalty.
Opening schemes, Mr. Chidambaram said, "this is an opportunity to come clean. We believe that this is the appropriate time to enable once in life time to pull the Dodgers. "
He also stressed that Government Service Tax Act makes provision for the imposition of fines and penalties for tax evaders. He said that those who have collected more than Rs 50 lakh in revenue service and not deposited with the Government will face punishment of imprisonment up to 7 years.
The Finance Minister also expressed hope that VCES will encourage a large number of tax evaders to declare their tax payments.
The Government aims to collect Rs 1.8 Lakh crore in revenue service during the current fiscal year, up from 1.3 lakh lakh crore for last fiscal year.
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