Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Statutory Provisions

Home Acts & Rules Bill Bills FINANCE (No. 2) BILL, 2019 Chapters List Chapter V SABKA VISHWAS LEGACY DISPUTE RESOLUTION SCHEME, 2019 This

Clause 125 - Verification of declaration by designated committee. - FINANCE (No. 2) BILL, 2019

FINANCE (No. 2) BILL, 2019
Chapter V
SABKA VISHWAS LEGACY DISPUTE RESOLUTION SCHEME, 2019
  • Contents
  • Plus+

Verification of declaration by designated committee.

125. (1) The designated committee shall verify the correctness of the declaration made by the declarant under section 124 in such manner as may be prescribed:

Provided that no such verification shall be made in case where a voluntary disclosure of an amount of duty has been made by the declarant.

(2) The composition and functioning of the designated committee shall be such as may be prescribed.

 



 

Notes on Clauses:

Clauses 119 to 134 of Chapter V of the Bill seeks to provide for Sabka Viswas (Legacy Dispute Resolution) Scheme, 2019.

The Scheme is a one time measure for liquidation of past disputes of Central Excise and Service Tax as well as to ensure disclosure of unpaid taxes by a person eligible to make a declaration. The Scheme shall be enforced by the Central Government from a date to be notified. It provides that eligible persons shall declare the tax dues and pay the same in accordance with the provisions of the Scheme. It further provides for certain immunities including penalty, interest or any other proceedings under the Central Excise Act, 1944 or Chapter V of the Finance Act, 1944 to those persons who pay the declared tax dues.

 
 
 
 

Quick Updates:Latest Updates