Important Facts For Prelims
- 23 Aug 2019
- 1 min read
Sabka Vishwas is a legacy dispute resolution scheme notified by Government for closing pending disputes relating to legacy Service Tax and Central Excise cases. It is to be operationalized from 1st September 2019.
- The two main components of the Scheme are dispute resolution and amnesty.
- 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 consequences 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.
- The objective of the Scheme: is to free the large number of small taxpayers of their pending disputes with the tax administration.