Federal Reserve commentary market did not like, gold and silver prices fell

The government has launched the amnesty scheme Sabka Biswas to settle legal cases of Rs 3.75 lakh crore before GST. Under this, cases related to central excise and service tax will be dealt with.

HEADLINES

  • In the budget, the government announced the amnesty scheme for everyone’s trust.
  • Under this, the old legal cases of service tax and excise will be resolved.
  • In such cases an amount of Rs 3.75 crore is stuck.

New Delhi: 2 years of GST have been completed. The government wants it to settle all legal matters before the coming of GST. According to a Grand Thorton report, 3.75 lakh crore rupees are stranded under the laws of Central Excise and Service Tax. The government wants to dispose this amount through an amnesty scheme.

The government announced a scheme in the budget to settle this amount and old cases. The name of this scheme is Sabka Biswas (Legacy Dispute Resolution Scheme) 2019. The objective of this scheme is to settle these cases immediately.

Under the scheme, they will be facilitated by dealing with old cases of traders. On the other hand, the government will also have an income and the expenses fighting these cases will also be saved. Know everything related to this scheme here

Special features of Sabka Vishwas Scheme

  1. The new scheme includes central legislation under GST which has central excise and service tax.
  2. The amount released under this scheme will be final and will be paid only in cash.
  3. Whatever amount will be given as payment and will be non-refundable. They will also not be eligible for input tax credit.
  4. No further duty, interest or penalty will have to be paid on the case covered in the scheme.
  5. There will be no legal action against the declarer.

Who are not eligible under the scheme? In
this scheme, all the people except those listed below will be eligible.

  • Appeal filed in the Appellate Forum in which the final hearing has been completed before 30 June 2019.
  • A person convicted in a criminal case under central laws.
  • On or before 30 June 2019, the show cause notice has been issued and the final hearing has been held.
  • Person who is under investigation, investigation, audit and whose duty was not calculated before 30 June 2019.
  • Such cases of voluntary disclosure which are under investigation, investigation and audit.
  • A case of voluntary disclosure where the amount is shown in the return is not paid.
  • Cases that have been filed before the Settlement Commission.
  • Cases of excise goods included in the fourth schedule of the Central Excise Act 1944.

How much benefit will you get in this scheme? In
case of duty, show cause notice and appeal cases, in

these cases up to Rs. 50 lakh, 70% tax will be exempt. At the same time, in case of above Rs 50 lakh, tax will be 50 percent exempt.

In the case of show cause notice which includes late fee penalty
, the question of tax does not arise. However late fees and penalties will be waived.

In
cases of arrears of Rs 50 lakh or less, there will be a 60% rebate on the outstanding tax. At the same time, in case of more than 50 lakh rupees, there will be 40% rebate on the outstanding tax.

In case of Inquiry, Investigation and Audit of
Rs 50 lakh and below, there will be a 70% rebate on the outstanding tax. At the same time, in case of more than 50 lakh rupees, there will be 50 percent rebate in the outstanding tax.

Voluntary disclosure
will be the outstanding tax declared under it. There will be no exemption on the outstanding tax.

Whatever tax payer will be involved in this scheme, then no duty, interest or penalty will be paid. No legal action will be taken against him. In the second case, the cases covered in this scheme will not be opened.

Comments are closed, but trackbacks and pingbacks are open.