‘Sabka Vishwas’ scheme will not increase, scheme is for pending disputes of excise and service tax

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The government is not in the mood to extend the period of ‘Sabka Vishwas’ scheme to settle cases related to excise and service tax pending in litigation and disputes. The term of this scheme expires on 31 December. The Finance Ministry has asked all the Commissioners related to indirect tax to work seriously to include more and more taxpayers in the remaining period.

According to sources in the ministry, a letter has been written on December 16 to all the Principal and Chief Commissioners and the Principal Director General. They have been asked to seek as many potential taxpayers as possible before the last date and try to bring them under the ambit of the scheme. The ministry believes that the scheme is beneficial for both taxpayers and the department. Taxpayers will get rid of pending cases for years in one go and the department will get revenue. 

According to sources, 55,693 applications have been received so far in this scheme, which started on September 1 this year. All these applications amounted to Rs 29,557.3 crore. In view of the interest of taxpayers in this scheme, the CBIC has asked the authorities to speed up the campaign and reach more and more taxpayers by 31 December. Officials believe that the response so far is clear that taxpayers are also more Do not want to be involved in litigation till time. 

At the time of starting the scheme, the government was stuck with Rs 3.6 lakh crore in 1.83 lakh cases. Under the scheme there is a provision to provide relief up to 70 percent in cases of Rs 50 lakh and below. The rate of relief on the amount of more than Rs 50 lakh has been kept at 50 percent. This relief is for the pending cases in which taxpayers have accepted the amount of duty till 30 June 2019.

Read More at: https://www.jagran.com/business/biz-sabka-vishwas-scheme-last-date-will-not-increase-it-is-for-pending-disputes-of-excise-and-service-tax-19861098.html