The government will exceed Rs 39,500 crore with the Sabka Vishwas scheme
NEW DELHI: The government is expected to realize Rs 39,500 crore, a dispute resolution scheme and amnesty to resolve outstanding service and central tax disputes, according to sources.
This will act as a great reinforcement for the government, which faces the shortage of income from direct and indirect taxes.
About 1.90 lakh applications involving duties of approximately Rs 90,000 crore were filed during the amnesty window that closed on January 15, sources said.
The Central Board of Indirect and Customs Taxes (CBIC) closed the Sabka Vishwas Scheme (Resolution of inherited disputes) with a tariff of Rs 39,591.91 Rupiah (previous deposit of Rs 24,770.61 Rs and Rs 14,821.30 crore) payable), sources said adding that of this, Rs 1.855.10 is already paid.
A total of 1,89,215 applications were filed with a total tariff of Rs 89,823.32 crore, said one of the sources.
The Minister of Finance, Nirmala Sitharaman, presented the Sabka Vishwas Plan (Resolution of inherited disputes), 2019, in the period 2019-20 with the objective of resolving pending disputes on the service tax and the central tax.
The Sabka Vishwas Plan, which became operational on September 1, 2019, offers a unique opportunity for eligible persons to file their taxes and pay the same in accordance with the provisions.
According to the Ministry of Finance, a total of Rs 3.6 lakh crore is locked in 1.83 lakh cases in various quasi-judicial, appeal and judicial forums under service taxes and central special taxes together.
The introduction of the tax regime of goods and services, which has subsumed these inherited taxes, has given the government and the taxpayers an opportunity to resolve these cases.
Under this scheme, the relief is approximately 70 percent of the tax involved if it is Rs 50 lakh or less, and 50 percent if it is more than Rs 50 lakh.
This scheme was for cases pending adjudication or appeal or in investigation and audit in the last cases, the duty involved must be quantified and communicated or admitted by the taxpayer in a statement on June 30, 2019 or earlier.
In cases of arrears pending income, the exemption is 60 percent of the amount of the right if it is Rs 50 lakh or less and 40 percent if it is more than Rs 50 lakh.
In all cases, there is a total exemption of interests and penalties and exemption from prosecution. However, there are some exclusions, as if the person is convicted in the same case.