Direct Tax: Vivad se Vishwas Scheme Brings INR 72K CR to Govt Treasury

Recently the government has achieved a massive tax collection of INR 72,480 crore from its much-popularized scheme

Vivad Se Vishwas tax scheme

Vivad se Vishwas Scheme, 2020 was announced by the Finance Minister after the budget announcement this year to provide dispute resolution regarding. Read more

which still has one month pending.

It has been said that there have been INR 31,734 crores collected from around 45,855 declarations filed under Form 1. While talking about the CPSUs, an amount of INR 1,00,195 crores has been settled.

As per a government officer, “So far, tax of Rs 72,480 Crore has been paid by the CPSUs and taxpayers against the disputed demand under the scheme till date,”.

Government had extended the due date for payment under direct tax

vivad se Vishwas Act, 2020

Know about the tax dispute settlement scheme (Vivad se Vishwas Bill) under the IT act. Under this scheme, taxpayers can settle all disputes before the end of 31st March 2020

of which amendment was done in the finance act in the September till 31st December 2020.

As per the Vivad se Vishwas Scheme, the government had offered relaxation in terms of interest waiver, penalty, and prosecution if the taxpayer settles the amount pending till 31 January 2020.

As per the officer, “A proactive approach has been adopted for the implementation of the Scheme by regular monitoring of issue of Form 3 to taxpayers who have filed declarations, completing any pending rectifications/ giving appeal effects for finalization of demand, launching an e-campaign to inform taxpayers about the scheme, guiding and facilitating them in the filing of declarations and removing any difficulties or problems faced by them in availing the Scheme,”.

However, there are still 400,000 cases pending which revolve around INR 9.3 trillion and are fit for the scheme.