STATE TIMES NEWS
New Delhi : In a major decision to help the trade and industry in the newly formed Union Territory (UT) of Jammu & Kashmir and UT of Ladakh, the Central Government has decided to extend the period for availing the Sabka Vishwas (Legacy Dispute Resolution) (SVLDR) Scheme (SVLDRS), 2019 to 31st December, 2020 for eligible taxpayers from these UTs.This decision would come as a major relief to taxpayers of Jammu & Kashmir and Ladakh who faced genuine difficulties in availing the Scheme during the original period of operation.The extension will give trade and industry in the newly formed union territories a fresh opportunity to settle their past tax disputes.SVLDRS, 2019 was introduced on 1st September, 2019 with the objective of reducing litigation and disputes relating to legacy taxes namely, Central Excise and Service Tax so that taxpayers could focus on GST. The Scheme provided taxpayers relief in payment of disputed tax amounts ranging from 70% (of the tax amount) to 40%. It also provided for full waiver of interest and penalty. The Scheme closed on 30.06.2020.Despite impact of COVID-19, SVLDRS, 2019 evoked an enthusiastic response and a total 1,89,225 number of declarations involving total tax dues of Rs. 89,823 crores were received. The Scheme led to recovery of Rs. 27,866 crores making this the best performing scheme in the history of indirect taxes.This decision to extend the period for availing the Scheme for the taxpayers of the UT of Jammu & Kashmir and UT of Ladakh would provide them a level playing field with the thousands of other taxpayers across the country who took the advantage of the Scheme.The detailed guidelines shall be issued shortly, an official handout said.The scheme provided taxpayers relief in payment of disputed tax amounts ranging from 70% (of the tax amount) to 40%. It also provided for full waiver of interest and penalty. The scheme had closed on June 30 this year with over 189,225 declarations involving total tax dues of Rs 89,823 crore received, the ministry added.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Anti-inflammation drug may effectively treat COVID-19 complications in children: Study
Apple previews new software for iPhone, other gadgets
World No Tobacco Day : Quit smoking to lead a healthy life
Oxford/AstraZeneca vaccine 80 per cent effective against B1.617.2 variant: UK study
World Hypertension Day : Measure Your Blood Pressure, Control It, Live Longer
Govt open to more measures to boost economy: CEA
Sebi bars PNB Housing shareholders from voting on Rs 4,000 cr-Carlyle deal
Rupee falls 15 paise to 74.23 against US dollar in early trade
Gold plunges Rs 861; silver tanks Rs 1,709
Rupee slips 33 paise to 73.65 against US dollar in early trade
Download 10Cric Casino app, and enjoy Indias most popular casino games, directly on your mobile!
Gamble with real money online! Play Indias favourite casino games at 7Jackpots.com, Indias most trusted online casino site.
© 2020 State Times Daily Newspaper | Powered by Ideogram Technology Solutions [P] Ltd.