Question: Ministry of Finance has launched a scheme Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019 aimed at Resolving disputes related to?
(a) Legacy Service Tax and Central Excise
(b) Custom duty
(c) Income Tax
(d) Goods and Services Tax (GST)
Answer: (a)
Related facts:
- In the union Budget 2019-20, Finance Minister Nirmala Sitharaman announced the Sabka Vishwas- Legacy Disputes Resolution Scheme, 2019.
- The scheme has now been notified and is in operation from 1st September 2019. This scheme would continue till 31st December 2019.
- This scheme has been brought to address the issue of a large number of taxpayers for closing their pending disputes relating to legacy Service Tax and Central Excise cases that are now subsumed under GST so they can focus on GST.
- The two main components of the scheme are dispute resolution and amnesty.
- The scheme offers a relief in the tax dues for all categories of cases as well as full waiver of interest, fine, penalty and complete amnesty from prosecution.
- The scheme provides a substantial relief of 70% from the duty demand if it is less than 50 lakh or less and 50 % if it is more than 50 lakh for all cases pending adjudication or appeal in any forum.
- The scheme aims at reducing tax litigation and improving case of doing business, needed at this time where businesses are facing an economic downturn.
Link:
https://pib.gov.in/newsite/PrintRelease.aspx?relid=192777