The deadline of ‘Sabka Biswas Yojana’, a special scheme of Prime Minister Narendra Modi, is going to end. If you are not yet connected under this scheme, then you have a chance till 31 December. Let us know what is this scheme and how does it benefit ..
Actually, Finance Minister Nirmala Sitharaman announced the ‘Sabka Biswas Yojana’ in the 2019 general budget. Under this scheme, tax disputes were to be settled at the earliest by giving partial exemption to the outstanding tax amount.
If you understand in easy language, this scheme was started by the government for the settlement of people who have tax disputes related to service tax and central excise. This scheme was implemented from 1 September 2019.
Now the officials of the Finance Ministry say that its last date is December 31 and it will not be extended further, so if you want to take advantage of this scheme, you have a chance to apply by December 31.
According to a senior finance ministry official, a total of 55,693 applications related to tax disputes worth Rs 29,557.3 crore have been received under the scheme so far.
At the time of the inception of the scheme, it was seen that under 1.83 lakh cases, tax of Rs 3.60 lakh crore has been stuck. This amount is stuck in the disputes going on in different quasi-judicial, appellate and judicial forums.
Relief is available in 40 to 70 percent of the cases except voluntary disclosed cases under the scheme. This relief depends on the amount of tax owed.
Relief is also being provided from the payment of interest and penalty on the taxes owed under the scheme. Exemption of interest and penalty is given on payment of total tax stated in case of disclosure of tax voluntarily.
The person paying under the scheme will also not be sued. Let us know that on the front of tax collection, the government is still lagging behind the target.