Indirect Tax Dispute Resolution Scheme Rules, 2016 Notified
ON the Indirect Tax Dispute Resolution Scheme, DDT mentioned yesterday,
Hopefully, the CBEC has not altogether forgotten about it. Rules are to be made for carrying out the provisions of the Scheme, form and manner of declaration is to be prescribed and all this has to be done by today for the scheme is to become operational tomorrow.
Perhaps, today evening the notification and Circular would be issued.
Yes, The Board has indeed issued the Notification for the Indirect Tax Dispute Resolution Scheme Rules, 2016, yesterday evening.
The Scheme comes into effect from today.
1. The Scheme is applicable to disputes pending before the Commissioner (Appeals) in matters relating to Customs, Central Excise or Service Tax, as on 1.3.2016
2. Duty, interest and 25% of the penalty has to be paid.
3. Immunity is granted from proceedings under the respective Acts.
4. The amount paid under the Scheme will not be refunded
5. It is not applicable in Search and Seizure cases.
6. The Declaration has to be filed on or before the 31st day of December, 2016.
CBEC doesn't seem to be too enthusiastic about the Scheme; there is hardly any publicity.
Notification No.., Dated: May 31, 2016