In yet another move to end the legacy indirect tax disputes and unlock a substantial amount of dues stuck at various courts under litigation, the government has decided to provide a forum for defaulters to come clean and pay taxes.
According to senior government sources, the Central Board of Indirect taxes and customs (CBIC) has appointed four members to the Customs, Central Excise & Service Tax Settlement Commission.
“The commission is now empowered under law to waive fines and penalty and recover taxes with interest,” the sources added.
These special benches are now at Delhi, Mumbai, Chennai and Kolkata, and will start functioning on the legacy dispute matters very soon, sources said.
Under India’s indirect tax regime, over 16,000 show cause notices are pending with the Central Excise & Customs Duty, involving Rs 63,000 crore. There are nearly 2 lakh show cause notices pending as well for legacy service tax, involving Rs 1.14 lakh crore.
Experts said this provides the government’s clear vision to end tax disputes and gives a much-needed platform to the industry and taxpayers to get their tax dispute settlements done.
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