Mumbai: Directorate General of Taxpayer Services, Mumbai Zonal Unit, Central Board of Indirect Taxes and Customs (CBIC) organized a Symposium on Sabka Vishwas (Legacy Dispute Resolution) Scheme (SVLDRS) 2019 on 23 December at the BSE Auditorium in Mumbai, for the members of Bombay Stock Exchange.
The Symposium was held to explain to participants the SVLDRS Scheme 2019 along with the eligibility, benefits, and procedural aspects of the Scheme. This Scheme is a one time measure for liquidation of past disputes relating to Central Excise and Services Tax matters.
The benefits include total waiver of interest, penalty and fine; immunity from prosecution; and relief in duty demand ranging from 40% to 70% with a provision for adjustment of any deposit of duty already made.
In cases of voluntary disclosure, only payment of full amount of disclosed duty is required to be made without any interest or penalty. 30 June 2019 is decided as the cut-off date with respect to all pending cases. SVLDRS is open till 31 December 2019. The Commissioner, CGST, Mumbai South, and DG Systems also attended the Symposium.