21 November 2013
A Chit Fund private limited co. operating since 2009 in Andhra Pradesh took service tax registration since 1st July, 2012 and paid service tax on auctions done since July, 2012. However, an audit was conducted by the department in Sep, 2013 and tax was levied on all the auctions done since 2009 amounting to an huge amount due. Is it liable to service tax since 2009? If so can it take recourse under VCES scheme? PLEASE ANSWER URGENTLY