A tax scheme you must avail, here are the benefits
It provuides an opportunity of voluntary disclosure to those taxpayers who did not pay their tax dues.
Tax dispute resolution has been a key focus area for the overall tax reforms since litigation has been a huge drain on resources. The Central Government has come up with a one-time measure for liquidation of past disputes of Central Excise and Service Tax in the form of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS). It provides an opportunity of voluntary disclosure to those taxpayers who did not pay their tax dues.
The benefits include total waiver of interest, penalty and fine, immunity from prosecution, relief in duty demand ranging from 40 per cent to 70 per cent with a provision for adjustment of any deposits of duty already made. In cases of voluntary confession, payment of merely the full amount of disclosed duty is all that is required.
With respect to all pending cases, June 30, 2019, is taken as the cut-off date. You can file an application if a show cause notice is pending or an appeal arising out of a show cause notice is pending decision. Cases where amount is pending in arrears are also covered. Further, even the cases of enquiry, investigation or audit where the amount is quantified on or before the cut-off date are included. An individual who has not paid the tax dues can make a voluntary disclosure.
Log in to https://cbic-gst.gov.in/sabka-vishwas.html and enter details to make a declaration. The process is automated and dues can be paid electronically. SVLDRS ends on December 31, 2019. Dr RK Verma, Additional Director General - Tax Payer Service, Mumbai, is organising a discussion with city businessmen at The Bombay Stock Exchange on December 23, 5 pm.
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