Why in News?

• In the Union Budget 2019-20, the Hon’ble Finance Minister announced the Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019.

Scheme:

• 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 consequence 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 and penalty.
• As the objective of the Scheme is to free as large a segment of the taxpayers from the legacy taxes as possible, the relief given thereunder is substantial.
• The Scheme is specially tailored to free a large number of small taxpayers of their pending disputes with the tax administration.
• Government urges the taxpayers and all concerned to avail the SabkaVishwas – Legacy Dispute Resolution Scheme, 2019 and make a new beginning.