25
Monday
January 2021
4:04 AM IST
News Headlines
With morale running high, Aizawl FC aim for win over Indian Arrows        England bowl Sri Lanka out for 381 in 2nd test        Coal India says geared up to meet any surge in fuel demand from power sector        Customary 'Halwa Ceremony' kickstarts process of compilation Budget documents        Larry King, broadcasting giant for half-century, dies at 87        UN: Violence in Sudan's Darfur killed 250, displaced 100,000        At 78 and the oldest president, Biden sees a world changed        Delhi Police has given nod to farmers' tractor parade on Jan 26, claim protesting unions        Govt to continue ban on Chinese apps including Tiktok        Rahul Gandhi assures revisiting GST when Cong is voted to power at Centre        Strong India following Netaji's footsteps, from LOC to LAC: PM        Stage set for grand finale of 23rd JK Racing Tyre National Racing Championship        India's track and field athletes to have first shot at Olympics in IGP Series starting Feb 18        Red carpet welcome for Rahane; Siraj heads straight to father's grave        Average flat size increases 10 pc in 2020 across 7 cities to 1,150 sq ft: Report        Rupee gains 6 paise to close near 5-month high of 72.99 vs USD        Experts: 15 more days to reach trapped China mine workers        Global Teacher Prize winner Ranjitsinh Disale hails Biden's education focus        India provides 1 million doses of COVID-19 vaccine to Nepal        SC notice to Centre, others on plea against web series Mirzapur'        
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Business News
Govt to get over Rs 39,500 cr under Sabka Vishwas Scheme
 
New Delhi, Jan 30 (PTI) The government is expected to realise Rs 39,500 crore from the Sabka Vishwas Scheme, a dispute resolution-cum-amnesty scheme for settling pending disputes of service tax and central excise, according to sources.

This will act as a big booster for the government, which is staring at revenue shortage from both direct and indirect taxes.

Nearly 1.90 lakh applications involving duties of about Rs 90,000 crore were filed during the amnesty window which closed on January 15, sources said.

The Central Board of Indirect Taxes and Customs (CBIC) closed the Sabka Vishwas (Legacy Dispute Resolution) Scheme with duty payable being Rs 39,591.91 crore (Rs 24,770.61 crore pre-deposit and Rs 14,821.30 crore freshly payable), the sources said adding that out of this, Rs 1,855.10 is already paid.

Total 1,89,215 applications involving a total duty of Rs 89,823.32 crore were filed, one of the sources said.

Finance Minister Nirmala Sitharaman had unveiled the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, in the Budget 2019-20 with the objective of settling pending disputes of service tax and central excise.

The Sabka Vishwas Scheme, which became operational on September 1, 2019, provides a one-time window to eligible persons to declare their tax dues and pay the same in accordance with the provisions.

According to the finance ministry, a total of Rs 3.6 lakh crore is locked up in 1.83 lakh cases at various quasi-judicial, appellate and judicial forums under service tax and central excise put together.

The introduction of the goods and services tax regime, which has subsumed these legacy taxes, has given an opportunity to the government and also to taxpayers to settle these cases.

Under this scheme, relief is to the tune of 70 per cent of the duty involved if it is Rs 50 lakh or less, and that of 50 per cent if it is more than Rs 50 lakh.

This scheme was for cases pending in adjudication or appeal or in investigation and audit in latter cases, the duty involved must be quantified and communicated or admitted by the taxpayer in a statement on or before June 30, 2019.

In cases of outstanding arrears of revenue, the relief is 60 per cent of the duty amount if it is Rs 50 lakh or less and 40 per cent if it is more than Rs 50 lakh.

In all cases, there is full waiver of interest and penalty and exemption from prosecution. There are, however, some exclusions, such as if the person is convicted in the same case.


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KERALA NEWS
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INTERNATIONAL NEWS
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UN: Violence in Sudan's Darfur killed 250, displaced 100,000
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NATIONAL NEWS
Delhi Police has given nod to farmers' tractor parade on Jan 26, claim protesting unions
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Govt to continue ban on Chinese apps including Tiktok
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