Amnesty Scheme Current Affairs - 2019
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Union Finance Ministry has notified Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019, a dispute resolution and amnesty scheme to reduce legacy service tax and central excise cases. It will become operational from September 1, 2019 four months till December 31, 2019. It can be availed by taxpayers for closing their pending disputes relating to legacy Service Tax and Central Excise cases that are now subsumed under Goods and Services Tax (GST) so they can focus on GST.
About Sabka Vishwas-Legacy Dispute Resolution Scheme 2019
Objective: To free large number of small taxpayers of their pending disputes with the tax administration.
Two main components of Scheme:
(i) Dispute resolution: It is aimed at liquidating legacy cases of Central Excise and Service Tax that have been subsumed in GST and are pending in litigation at various forums.
(ii) Amnesty component: It provides opportunity to taxpayers to pay outstanding tax and be free of any other consequence under law.
Relief: It provides substantial relief in tax dues for all categories of cases as well as full waiver of interest, fine or penalty. It also provides for complete amnesty from prosecution.
This scheme was announced by Union Finance Minister Nirmala Sitharaman in her Budget speech 2019 to free large number of small taxpayers of their pending disputes with the tax administration. More than Rs 3.75 lakh crore is blocked in excise and service tax litigations.