Consider the following statements regarding the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS) -
- It was a one-time amnesty scheme introduced to resolve disputes related to Service Tax, Central Excise, and 26 other indirect tax enactments subsumed under GST.
- The scheme provided relief ranging from 40% to 70% on pending tax dues, except in cases of voluntary disclosure.
- Its operational period was from September 1, 2019, to March 31, 2020.
- The scheme granted immunity from penalty, interest, and prosecution for eligible taxpayers who paid the declared dues.
Which of the statements given above are correct?
Explanation - Sabka Vishwas - (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS) was a one time amnesty scheme proposed in the Union Budget, 2019, and introduced to resolve all disputes relating to the erstwhile Service Tax and Central Excise Acts, which are now subsumed under GST, as well as 26 other Indirect Tax enactments. It was introduced for taxpayers who wish to close their pending disputes, with substantial relief provided by the government. Operational Period — September 1, 2019 – December 31, 2019 Objectives — To encourage voluntary disclosure of past disputes of Central Excise, Service Tax, and 26 other Indirect Tax Enactments. To facilitate an eligible person to declare the unpaid tax dues and pay the same in accordance with the provisions of this scheme. To provide certain immunities, including penalty, interest or any other proceedings, including prosecution, to eligible persons who pay the declared tax due. This scheme provided for a substantial relief margin on all duty demands, ranging from 40% to 70% of the demand, except in the case of voluntary disclosure.
Explanation - Sabka Vishwas - (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS) was a one time amnesty scheme proposed in the Union Budget, 2019, and introduced to resolve all disputes relating to the erstwhile Service Tax and Central Excise Acts, which are now subsumed under GST, as well as 26 other Indirect Tax enactments. It was introduced for taxpayers who wish to close their pending disputes, with substantial relief provided by the government. Operational Period — September 1, 2019 – December 31, 2019 Objectives — To encourage voluntary disclosure of past disputes of Central Excise, Service Tax, and 26 other Indirect Tax Enactments. To facilitate an eligible person to declare the unpaid tax dues and pay the same in accordance with the provisions of this scheme. To provide certain immunities, including penalty, interest or any other proceedings, including prosecution, to eligible persons who pay the declared tax due. This scheme provided for a substantial relief margin on all duty demands, ranging from 40% to 70% of the demand, except in the case of voluntary disclosure.