new Delhi. The last date for payment of the 'Sabka Biswas Yojana' brought for resolution of old pending disputed matters related to service tax and central excise is till 30 June 2020. If you do not pay by the last date i.e. June 30, then you will not be able to take advantage of this scheme launched by the Modi government of the Center.
The Central Board of Indirect Taxes and Customs (CBIC) tweeted that the last date for payment under the Sabka Vishwas (Heritage Dispute Resolution) Scheme 2019 is June 30, 2020. 1.9 lakh declarations of Rs 90,000 crore have been filed under this scheme. If not paid by June 30, 2020, the plan will not get benefits.
Explain that, Finance Minister Nirmala Sitharaman had announced the 'Sabka Biswas Yojana' in the 2019-20 budget. In fact, the 'Sabka Vishwas Scheme' is the solution to all the problems of the tax dispute. Taxpayers get a rebate of 40 to 70 per cent on pending taxes under the Sabka Biswas scheme. Also, there is relief in payment of interest and penalty.
Relief is provided by interest and penalty
Relief is available from 40 to 70 per cent in cases other than voluntarily disclosed cases under the 'Sabka Biswas Yojana'. This relief depends on the amount of tax owed. Relief is also being provided from payment of interest and penalty on the tax owed under the scheme. In case of voluntary disclosure of tax, interest and penalty is exempted when the total tax paid is paid. The person paying under the scheme will also not be sued.
This post was published on June 29, 2020 12:56 am
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