Settlement Commission looks to raise awareness through FAQs

Where the taxpayers are doubtful on whether they will be penalized, it makes sense to opt for settlement and get a quick closure. For them, the latest FAQs give a quick initiation

Last Monday, the Customs, Central Excise and Service Tax Settlement Commission issued a set of frequently asked questions (FAQs) clarifying various provisions under the relevant laws, aiming to raise awareness in the trade regarding this alternate dispute resolution forum for taxpayers who want to resolve their tax disputes in a spirit of conciliation and avoid litigation. 
 

The main advantage of approaching the Settlement Commission is that it ends the uncertainty quickly. The Commission must pass the settlement order within nine months from the date of filing the application. It can grant waiver from fine, penalty and immunity from prosecution. Its