Goods & Services Tax (GST) introduced in India on 1st July, 2017, subsumes seventeen tax legislations including various central legislations. The Hon’ble Union Finance Minister announced a dispute resolution cum amnesty scheme called “the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019” in the Union Budget 2019-20 for resolution and settlement of legacy cases of Central Excise and Service Tax which is effective from 1st September, 2019 and shall continue till 31st December, 2019. The scheme is applicable to all except for few exclusions.
The Institute of Chartered Accountants of India (ICAI), being partner in nation building, has always supported various initiatives of the Government by disseminating knowledge and creating awareness on contemporary developments amongst the members and other stakeholders at large. The Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 provides 40%-70% relief from the tax dues (depending on the amount of tax dues involved) for cases other than voluntary disclosure cases and also provides relief from payment of interest and penalty. For voluntary disclosures, there is provision of waiver of interest and penalty on payment of disclosed tax dues.
Download Background Material on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (Direct Link)
Source- ICAI
