The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the Time limits for Furnishing various Forms, Statements, and Payment of Dues under Sabka Vishwas (legacy Dispute Resolution) Scheme.
The CBIC has extended the time limit of Estimate of the amount payable by the declarant (SVLDRS-2) 1st May, 2020 from the Thirty days from the date of receipt of the declaration.
A Notification issued by CBIC also said that the time limit of Statement of the amount payable by the declarant (SVLDRS-3) also extended to 31st May 2020 from Sixty days from the date of receipt of the declaration.
The CBIC also notified that, the deadline for payment of dues under the scheme is changed to 30th June 2020 from an earlier deadline of Thirty days from the date of issue of Form SVLDRS-3.
The SVLDRS was introduced in the last Budget with the twin objectives of liquidating the legacy disputes in Central Excise and Service Tax that are pending at various fora as well as encouraging non-compliant taxpayer/tax evaders to declare the tax not paid so far and come under the tax net voluntarily.
The Sabka Vishwas (Legacy Dispute Resolution) Scheme had received a huge response with almost 73% of the total eligible taxpayers availed the Scheme and have committed to pay tax dues of Rs. 30,627 Crores.
The scheme was for taxpayers who wish to close their pending disputes, with a substantial relief provided by the government.
The main objectives of the scheme are a One-time measure for liquidation of past disputes of Central Excise and Service Tax and To provide an opportunity of voluntary disclosure to non-compliant taxpayers.
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