Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
The Sabka Vishwas Legacy Dispute Resolution Scheme, hereinafter mentioned as the “SVLDRS,” is a scheme made available for the pre-GST taxpayers. It was introduced with a view to resolve the tax disputes of taxpayers. It was proposed in the Union Budget of 2019 and was introduced to resolve disputes under GST. In this article, we shall look at the SVLDRS in detail.
The scheme is for taxpayers who seek to close their pending disputes with a substantial relief provided by the government. This scheme provided relief to the taxpayers in the form of Dispute Resolution and Amnesty. The scheme was introduced with the intention of focusing on GST by clearing all litigations pending with regards to the previous tax regime.
This scheme also provides an opportunity to non-compliant taxpayers for voluntary disclosure option.
There are 26 enactments to which this scheme applies. They are as follows:
The following cases are covered under this scheme:
Cases Excluded-
The following are its benefits:
This scheme provides a relief margin on all duty demands from 40% to 70% of the demand, except in case of voluntary disclosure.
The relief shall be as follows:
Relief from the duty demand
For cases pending Adjudication or appeal
For cases of confirmed duty demands where no appeals are pending
Cases of Voluntary Disclosure
Duty Demands up to 50 lakh rupees
70%
60%
Full amount of duty disclosed
Duty Demands more than 50 lakh rupees
50%
40%
The following restrictions are placed under this scheme:
The SVLDRS functions in the following manner:
The SVLDRS, 2019 was introduced on 1st Sep 2019 with an objective to reduce litigation relating to legacy taxes. It provided for a full waiver of interest and penalty. It may be noted that the scheme was closed on 30th June 2020.
Read our article: Casual Taxable Person under GST
An Automotive Dealerships Audit Checklist helps in an examination and review of aspects related...
The Companies Commission of Malaysia sets mandatory guidelines for maintaining the annual compl...
An industry audit is an important aspect of the oil and gas industry, it serves as a tool for e...
With the ever-increasing complexity of operations and potential risks involved with the chemica...
A joint venture is a strategic business arrangement in which two or more companies collaborate...
Are you human?: 5 + 1 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
Income tax is a term that is very well known to every citizen in the country. The term professional tax is also a d...
19 Apr, 2021
HUF (Hindu Undivided Family) is one of the most important concepts under the Income Tax Act. In the below article,...
04 Sep, 2019