VCES is once in a lifetime opportunity: Chidambaram
The government may not be able to offer any amnesty programmes such as the Service Tax Voluntary Compliance Encouragement Scheme (VCES) for the next two decades, Union Finance Minister P. Chidambaram said.
Addressing a group of traders and senior officials from Customs, Central Excise and Service Tax departments, Mr. Chidambaram said that various factors, such as curbs imposed by the Supreme Court, would not allow the government to offer any such amnesty programmes.
He described the VCES as a "lifetime opportunity".
Speaking on the topic, he said, "If you think that a scheme will come again next year or a scheme will come in 2015, you are wrong. This (VCES) is a once in a lifetime opportunity (and) certainly will not come for next 20 years."
VCES, which was launched on May 10 this year, offers a one-time amnesty scheme to pay service tax dues for the period between October 1, 2007 and December 31, 2012, without any interest and fine. So far, as many as 9,000 people have made declarations under the VCES, of which just 107 have been rejected.
Mr. Chidambaram also revealed that fifteen people had already been arrested for service tax-related violations, dropping a hint that tax evaders would be handled with an iron hand.