After the implementation of goods and services tax (GST) Punjab is yet to introduce schemes to settle legacy tax issues. States like Gujarat, Kerala, Karnataka, Maharashtra, Madhya Pradesh and even northern states, such as Haryana, Rajasthan and Himachal Pradesh, have already introduced settlement schemes to settle legacy tax issues.
The scheme was introduced to expedite the disposal of the legacy issues, resulting in the generation of revenue stuck due to non-disposal of assessment cases or arrears under litigation. Secondly, it was felt that it would help release considerable manpower engaged in legacy issues and make available more manpower for improving compliances under GST.
The Central Government introduced Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS), with an intention to focus on GST by clearing all litigations and cases pending at various fora with respect to the previous tax regime, especially the central excise and service tax. The scheme was closed on January 15. It was launched also with a view to de-stress the courts by way of reduction in the long-pending disputes.
The Central and state schemes have provided certain immunities and incentives to the applicants. The Central Government under the scheme has provided a waiver of tax dues ranging from 40 percent to 70 percent along with a complete waiver of penalty and interest and waiver from prosecution.
On being asked if Punjab has any plan to introduce such a scheme, a senior official in the excise department informed, “We are working on the modalities and the scheme pertaining to legacy issue is at a conceptual stage.” “The government must bring out such a scheme to resolve legacy tax issues. The cases where “C” form has not been produced, especially in the case of Jammu & Kashmir, the government should allow to be deemed assessed by the assesses,” said Piara Lal Seth, general secretary, Shawl Club (India).
3 girl students lost their life in PG accommodation fire
Star cast of Ik Sandhu Hunda Si’ performed at MBD Neopolis mall
Who wore it better? Deepika Padukone and Ananya Pandey in similar outfits
New traffic rules by Police Commissioner of Ludhiana
102 Firemen allotted duty to safeguard 17 Lakh citizens of Ludhiana
Amidst floods, residents wake up to the sound of hissing as reptiles enter houses
Accidents2 days ago
‘Thought i jumped a speedbreaker’ Driver who killed a 3-year-old Vidhit arrested
Ludhiana City News2 days ago
CP Rakesh Agrawal has imposed a ban on the gathering of five or more persons and holding protests/dharnas
India News15 hours ago
Coronavirus hitting China hard; India enjoying the benefits
Ludhiana News3 days ago
Ludhiana Police Commissioner arranged Rs 1 Crore for Gaushalas
India News14 hours ago
Mika Singh’s Manager found dead in her apartment in Mumbai
Accidents5 hours ago
BREAKING: Broken Road attempted to take a life but helmet saved a man from death
India News16 hours ago
Bizarre: Women clerks made to stand naked for a physical test
India News3 days ago
Repercussions of Coronavirus: Travel Business majorly affected; Bookings cancelled in many countries