It provides substantial relief in tax dues for all categories of cases as well as full waiver of interest, fine and penalty. In all these cases, there would be no other liability of interest, fine or penalty. There is also a complete amnesty from prosecution.
The government on Thursday notified the indirect tax dispute resolution scheme which was announced in the Budget. The scheme will become operational from September 1, and will continue till December 31.
“Government expects the scheme to be availed by large number of taxpayers for closing their pending disputes relating to legacy service tax and central excise cases that are now subsumed under the GST so they can focus on the GST,” the government said in a statement.
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The two main components of the scheme are dispute resolution and amnesty. The dispute resolution component is aimed at liquidating the legacy cases pending in litigation at various forums. The amnesty component of the scheme offers an opportunity to taxpayers to pay the outstanding tax and be free of any other consequence under the law.
Source: Financial Express
