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INDIRECT TAX DISPUTE RESOLUTION SCHEME (PART-1)

Budget - By: - Dr. Sanjiv Agarwal - Dated:- 21-5-2016 - Indirect tax Dispute Resolution Scheme, 2016, is a scheme wherein in respect of cases pending before Commissioner (Appeals), the assessee, after paying the duty, interest and penalty equivalent to 25% of duty, can file a declaration, has been introduced by Finance Act, 2016. In such cases, the proceedings against the assessee will be closed and he will also get immunity from prosecution. However, this scheme will not apply in certain specif .....

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inance Act, 2016 has inserted a new Chapter XI (section 212 to 218) provide for the Indirect Tax Dispute Resolution Scheme, 2016 (ITDRS). The said Scheme provides for settlement of the disputes pending before the Commissioner (Appeal) as on the 1st March, 2016, on payment of tax dues along with interest and twenty-five percent of the penalty imposed by the impugned order. The said scheme is applicable to the declarations made upto the 31st day of December, 2016. However, the said scheme shall no .....

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declarant, designated authority, impugned order, indirect tax dispute, tax etc. 214. Procedure for making declaration. 215. Scheme not to apply in certain cases 216. Immunity from other proceedings under Act 217. Consequences of order made under scheme 218. Power to make rules. Salient features of the Scheme (1) Date of Commencement The ITDRS, 2016 shall commence w.e.f. 1.6.2016 and shall be applicable to all the declarations made up to 31st day of December 2016, i.e., no declarationcan be filed .....

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