Explaining service tax amnesty
Praveen Mahajan, chairperson, CBEC, provides clarity on the so-called amnesty scheme for service tax defaulters in an effort to "entice a large number of assesses to tax fold" and simultaneously boost tax collections for the exchequer. The amnesty scheme will be called 'Voluntary Compliance Encouragement Scheme' and allow defaulters to file truthful declaration of service tax dues since October 1, 2007.
