Current Affairs

Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019

Current context: Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019 has been notified by the government and will be operationalized from 1st September 2019 till 31st December 2019.
Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019
  • Finance Minister has announced the Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019 in the Union Budget 2019-20.
  • The objective of the Scheme is to free as large a segment of the taxpayers from the legacy taxes and close pending disputes relating to legacy Service Tax and Central Excise cases.
  • The Scheme provides substantial relief in the tax dues, full waiver of interest, fine, penalty, In all these cases.
  • There are 2 components of the scheme
    1. Dispute resolution: aimed at liquidating the pending legacy cases of Central Excise and Service Tax which is subsumed in GST
    2. Amnesty: offers an opportunity to the taxpayers to be free of any other consequence under the law by paying the outstanding tax and.

Question: 

Q.1 Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019 recently notified and implemented by the government was announced in the Budget____?
a. 2018-19
b. 2017-18
c. 2016-17
d. 2015-16
Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019 Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019 Reviewed by Neha on August 24, 2019 Rating: 5

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