Indirect Taxes Dispute Resolution Scheme - CBEC Chairman Exhorts Officers to Make the Scheme Success
IN order to reduce litigation, Government has come out with an Indirect Tax Dispute Resolution Scheme, 2016 in this year's Budget. The scheme provides an opportunity to an assessee whose cases are pending before Commissioner (Appeals), to pay the duty, interest and penalty equivalent to 25% of penalty imposed and file a declaration, consequent to which the proceedings would be closed and immunity from prosecution granted except in certain cases.
Board has also issued suitable instructions on 1st June, 2016 in this regard.
While the scheme provides for a mechanism for early settlement of disputes pending in appeal before Commissioner (Appeal), the success of the scheme will depend upon more and more assessees coming forward and availing the scheme.
To ensure its success, the CBEC Chairman urges his Commissioners/Principal Commissioners and Chief Commissioners to give widespread publicity in their respective jurisdictions bearing in mind that the scheme is applicable to declarations made upto 31st December, 2016.
The Chairman expects them to personally monitor the cases pending before Commissioner (Appeals) in their respective jurisdiction and send him a progress report on a monthly basis.