Stressed real estate firms want bank loans to pay tax dues on deep discount

For the first time perhaps, industry has sought government intervention in getting bank loans to pay excise and service tax dues under the Legacy Dispute Resolution Scheme (LDRS) such as Sabka Vishwas

Keen to shore up revenues, the Central Board of Indirect Taxes and Customs (CBIC) is examining an unusual demand from industry. 

For the first time perhaps, industry has sought government intervention in getting bank loans to pay the excise and service tax dues under the Legacy Dispute Resolution Scheme (LDRS) such as Sabka Vishwas. However, there’s little clarity on whether such a loan is feasible and under 

what head. 

Major taxpayers, especially in the real estate sector, are unable to pay their dues because of the current financial stress, field officers have informed the CBIC, which is assessing reasons for the