A product with a strong track record of quality might have less inspection according to the skip-lot sampling plan. As a result, skip-lot sampling plans are created to cut down the inspection cost with desired protection. The skip-lot sampling method is also reliable, practical, and favorable from an economic standpoint. As a result, this work develops the SkSP-V plan, a novel system of skip-lot sampling plan, based on the Taguchi process capability index. The proposed plan stipulates that any lot is rejected during sampling inspection, normal inspection must resume, however, it also allows for a reduced level of normal inspection in the event that higher product quality is demonstrated. The exact sampling distribution of the estimated Taguchi capability index is used to derive the operating characteristic function of the proposed plan. An optimization model is employed to establish the optimal plan parameters, guaranteeing adherence to the specified quality levels and risk criteria. The performance measures such as probability of acceptance and average sample number of the proposed plan are examined and compared with existing plans. This article also includes real-world example to effectively demonstrate the practical implementation of the proposed SkSP-V plan based on the Taguchi process capability index.