The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the Sabka Vishwas (Legacy Dispute Resolution) Scheme it for a period of fifteen days, till 15th January, 2020.
The Sabka Vishwas (Legacy Dispute Resolution) Scheme has 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. Keeping in view the response of the taxpayers to the Scheme, the Central Government today extended it for a period of fifteen days, till 15th January, 2020. This is the one-time and final extension in view of taxpayers’ response.
CBIC said today that out of the total 1.84 Lakh taxpayers who are eligible to avail the Scheme, as many as 1,33,661 taxpayers have so far submitted their applications by the morning of 31.12.2019. Their applications involve tax dues of Rs. 69,550 Crores and after availing various reliefs, the payable amount is Rs. 30,627 Crores. Sabka Vishwas is received by the taxpayers as the most beneficial dispute resolution scheme ever announced by the Government.
CBIC said that there has been a spurt in the number of taxpayers opting for the Scheme during the last fortnight. The Government has noted 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. Therefore, the Government has extended the SVLDRS as a one-time measure for a fortnight up to 15.01.2020. There will be no further extension to this Scheme, CBIC reiterated.
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.
