Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Why is it in the news?
  • In order to eliminating the bulk of pending tax dispute cases, the government has announced a new scheme- Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019.
  • The scheme also provides for partial amnesty to those having tax dues.
More in the news
    • The new scheme Sabka Vishwas (Legacy Dispute Resolution) 2019, was announced in the Budget this year.
    • This scheme will be operationalised from September 1 with the window being open till December 31.
    • More about the Scheme:
      (1) The two main components of th scheme are dispute resolution and amnesty.
      (2) The scheme to be availed of by a large number of taxpayers for closing their pending disputes relating to legacy service tax and central excise cases.
      (3) The service tax and central excise now subsumed under GST (Goods and Services Tax) so that they can focus on GST.
      (4) The amnesty component of the scheme offers taxpayers the opportunity to pay any outstanding tax and be free of any other consequence under the law.
      (5) Also, it provides substantial relief in the tax dues for all categories of cases as well as full waiver of interest, fine, penalty.
      (6) There is also a complete amnesty from prosecution.
    Source
    The Hindu.




    Posted by Jawwad Kazi on 23rd Aug 2019
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