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SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, Diffrence, PUBLIC…
SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME
Context:
Sabka Vishwas, the dispute resolution scheme was launched in the Budget 2019-20, for pending disputes relating to erstwhile Service Tax and Central Excise Acts, which are now subsumed under GST.
About Sabka Vishwas Scheme
⦁ The two main components of the Scheme are dispute resolution and amnesty.
⦁ The dispute resolution component is aimed at liquidating the legacy cases of Central Excise and Service Taxthat are subsumed in GST and are pending in litigation at various forums.
⦁ The amnesty component of the Scheme offers an opportunity to the taxpayers to pay the outstanding tax and be free of any other consequence under the law.
⦁ It provides a one-time window to eligible persons to declare their tax dues and pay the same in accordance with the provisions.
⦁ It provides substantial relief in the tax dues for all categories of cases as well as full waiver of interest, fine and penalty.
⦁ It gives complete amnesty from prosecution proceedings.
⦁ It will help in reducing the tax litigation and improving ease of doing business.
Diffrence
Central Taxes Subsumed under GST
⦁ Central Excise Duty
⦁ Duties of Excise (Medicinal and Toilet Preparations)
⦁ Additional Duties of Excise (Goods of Special Importance)
⦁ Additional Duties of Excise (Textile and its products)
⦁ Additional Duties of Customs
⦁ Special Additional Duty of Customs
⦁ Service Tax
⦁ Central Surcharges and Cesses
1 more item...
State Taxes Subsumed under GST
⦁ State VAT
• Central Sales Tax
• Luxury Tax
• Octroi and Entry Tax
• Entertainment and Amusement Tax
• Taxes on Advertisement
⦁ Purchase Tax
• Taxes on lotteries, betting and gambling
PUBLIC FINANCE