Settlement of service tax dues

The Union Government has introduced a ‘Dispute Resolution Scheme’ for quick settlement of small disputes in service taxes.According to a press release, for quick settlement involving sums up to Rs. 25,000 in the service tax sector, the assessees can settle by paying 50 per cent of the outstanding amount of service tax with waiver of penalty and interest.25 per cent only In case, where payment of penalty/interest alone was pending, 25 per cent of the amount due need to be paid. The scheme would be operational from July 1 to September 30, 2008.Service tax assessees willing to utilise the scheme may contact the jurisdictional Assistant Commissioners, the release said. – www.thehindubusinessline.com