Over ₹5,000 cr dues declared so far under Sabka Vishwas Scheme

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News:More than Rs 5,000 crore worth dues have been declared so far under the government’s ‘Sabka Vishwas Scheme’.

Facts:

About Sabka Vishwas Scheme:

  • Government had announced the Sabka Vishwas legacy Dispute Resolution Scheme,2019 during Budget,2019.
  • The objective of the scheme is to free the large number of small taxpayers of their pending disputes with the tax administration.
  • 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 Tax that 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 consequences under the law.
  • The most attractive aspect of the Scheme is that it provides substantial relief in the tax dues for all categories of cases as well as full waiver of interest, fine, penalty.There is also a complete amnesty from prosecution