By Puloma Dalal, Bakul B. Mody, Chartered Accountants
Reading Time 2 mins
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2. The Scheme :
- The scheme comes into force on July 01, 2008 and will close on September 30,
2008, meaning thereby that immunity under the scheme would be available only
to those cases in respect of which declaration is made under the scheme
between the stated period.
- The scheme is open to persons in dispute for Service Tax, interest or penalty
leviable under the Finance Act, 1994, but not paid prior to March 01, 2008 and
where a show-cause notice has been issued on or before March 01, 2008 or an
order has been issued.
- The scheme is open to cases where service tax in dispute does not exceed
Rs.25,000. The scheme is not open to cases where service tax is not paid after
collecting the same from the recipient of service for which a notice u/s.73A
of the Finance Act, 1994 has been issued.
[It may be noted that no limit is prescribed for the amount
of interest or penalty in dispute].
- The order passed under the scheme would be final and non-appealable. Any
pending appeal shall stand withdrawn by virtue of the said order. In case of a
writ petition pending before any High Court or the Supreme Court, the person
opting for the scheme is required to withdraw such petition.
- The amount paid under the scheme is non-refundable under any circumstances.
- The Central Government is empowered to remove difficulties for implementation
of the scheme.
