Sabka Vishwas Scheme
Posted on : 30 Nov 2019Views: 1018
- The scheme targets those taxpayers who want to close their pending disputes related to Service Tax and Excise Tax (now subsumed under Goods and Services Tax). Hence, the term ‘legacy’.
- The Scheme is especially tailored to free the large number of small taxpayers of their pending disputes with the tax administration.
- The dispute resolution component is aimed at liquidating the legacy cases of Central Excise and Service Tax that are subsumed in GST and are pending in litigation at various forums.
- The amnesty component of the Scheme offers an opportunity to the taxpayers to pay the outstanding tax and be free of any other consequence under the law. The most attractive aspect of the Scheme is that it provides substantial relief in the tax dues for all categories of cases as well as full waiver of interest, fine, penalty, In all these cases, there would be no other liability of interest, fine or penalty. There is also a complete amnesty from prosecution.
Article Related Questions
Which one of the following is a Legacy Dispute Resolution scheme which offers to those taxpayers who wish to disclose any previously undisclosed tax liability without any penalty or prosecution?
1.Sabka Vishwas Scheme
4.Pandit Deendayal Upadhyay Shramev Jayate Yojana
Right Ans : Sabka Vishwas Scheme