The government of India extended the ‘Sabka Vishwas’ scheme for pre-GST era taxes by till January 15. ‘Sabka Vishwas’ scheme is for dispute resolution and amnesty scheme for pre-GST era taxes.
According to an official statement from the CBIC “It is introduced by Nirmala Sitharaman (finance minister) to settle pending disputes of service tax and central excise duty in the FY20 budget, the decision has already received a huge response”. The Official Statement also stated that “Almost 73% of the total eligible taxpayers availing the scheme and have committed to pay tax dues of ₹30,627 crores.”
As per the report, out of the 1.84 lakh eligible taxpayers, as many as 1.33 lakh have already submitted applications by Tuesday. These applications involve dues of ₹69,550 crore taxes. The report also stated that after considering various reliefs, the payable amount will be around ₹30,627 crores.” The scheme “Sabka Vishwas” is the most beneficial dispute resolution scheme for taxpayers
Recently the government announced that the indirect tax dispute resolution scheme which was discussed in the budget session will be coming from 1st September ever announced by the Indian government,” said in the statement.
The same statement also included that “The scheme got an extension of 15 days it means till 15 January 2020. The Sabka Vishwas scheme is a one-time exercise and it is final. The scheme got an extension due to the increment of the number of taxpayers interested in this scheme in the last few days.
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The official statement also stated that “The government has observed the huge interest amongst the taxpayers for this scheme and would like to ensure that eligible taxpayers who have yet not applied to avail amnesty or relief under this scheme do not miss out due to the last-minute rush,”
