SVLDRS Means
In the Indian Union Budget 2019-20, the Hon'ble Finance Minister reported the Sabka Vishwas-Legacy Dispute Resolution Scheme, 2019. The Scheme has now been advised and will be operationalized from first September 2019. The Scheme would proceed till 31st December 2019. Government anticipates that the Scheme should be benefited by huge number of citizens for shutting their pending debates identifying with inheritance Service Tax and Central Excise cases that are currently subsumed under GST so they can concentrate on GST.
SVLDR scheme Benefits
Total waiver of interest and penalty.
Immunity from prosecution
Cases pending in adjudication or appeal, a relief of 70% from the duty demand if it is Rs. 50 lakhs or less and 50% if it is more than Rs.50 lakhs.
The same relief for cases under investigation and audit where the duty involved is quantified on or before 30th June, 2019.
In case of an amount in arrears, the relief offered is 60% of the confirmed duty amount if the same is Rs. 50 lakhs or less and it is 40% in other cases.
In case of voluntary disclosure, the declarant will have to pay full amount of disclosed duty.
SVLDR scheme Objectives
One time measure for liquidation of past disputes of Central Excise and Service Tax
To provide an opportunity of voluntary disclosure to non-compliant taxpayers.
Cases covered under the SVLDR scheme
A show cause notice or appeals arising out of a show cause notice pending as on the 30th day of June, 2019.
An amount in arrears.
An enquiry, investigation or audit where the amount is quantified on or before the 30th day of June, 2019.
A voluntary disclosure.
Exclusions from the SVLDR scheme
Cases in respect of excisable goods set forth in the Fourth Schedule to the Central Excise Act, 1944 (this includes tobacco and specified petroleum products)
Cases for which the taxpayer has been convicted under the Central Excise Act, 1944 or the Finance Act, 1944
Cases involving erroneous refunds
Cases pending before the Settlement Commission.
SVLDR scheme other features
Facility for adjustment of any deposits of duty already made
Settlement dues to be paid in cash electronically only and cannot be availed as input tax credit later
A full and final closure of the proceedings in question. The only exception is that in case of voluntary disclosure of liability, there is provision to reopen a false declaration within a period of one year
Proceedings under the Scheme shall not treated as a precedent for past and future liabilities
Final decision to be communicated within 60 days of application
No final decision without an opportunity for personal hearing in case of any disagreement
Proceedings under the Scheme will be fully automated.
How to Apply for SVLDRS, 2019
The taxpayer can apply for this scheme from https://cbic-gst.gov.in
The taxpayer already registered under Central Excise or Service Tax can login and fill part- B of SVLDRS Form – 1.
The unregistered taxpayer can register himself by filling part-A of SVLDRS Form-1.
Learn Exports Imports Free, Click here
Click here to know GST rate of your goods or service
How to import goods?
Pre-Import Procedure
Export Procedures and Documentation
Why Prohibition to import goods
How to export goods from India?
How to get Export Order?
GST exemption list of goods and service
Find HSN number or Service tariff code for GST
GST registration guidelines
Indian GST Laws
Disadvantages of Letter of credit (LC) for Exporter
Commercial risks and solutions under Export Business
Political risks in International Trade
Risks arising out of foreign laws in Import Export Business
Cargo risks under Imports and Exports
Types of Policies to cover credit risks in Import Export Trade
Causes influencing price of export goods in Export Trade
Credit risks and solutions under International Business
Foreign exchange fluctuations risks and solutions in import export Business
How to overcome the credit risk in an export business?
Does exchange rate of currency effect export business?
Risks and solutions in Export Business
What is the difference between BAF and CAF
What is Tail Gate exam hold in US import clearance
How to make DA mode of payment safe
Difference between CGST and SGST
What is SGST in brief?
What is IGST in brief?
Changes in IEC after GST
Linking IEC with GSTIN in customs
Import under EPCG after GST
Section 94 of CGST Act, 2017 Liability in other cases
Liability to pay tax, interest or penalty in certain cases, Sec 93 CGST Act
What is Registered Person under GST
Term Refunds Mechanism under GST
What is Refund to International Tourist under GST