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Home Business finance Scheme 'Vivad Se Vishwas' Has Garnered RS. 72,480 Crore

Scheme ‘Vivad Se Vishwas’ Has Garnered RS. 72,480 Crore

Vivad se Vishwas Scheme was launched on March 17

The Centre’s ‘Vivad se Vishwas’ direct tax dispute settlement scheme has garnered Rs 72,480 crore so far from the CPSUs and taxpayers against the disputed demand, Finance Ministry sources said.

During a high-level review meeting on the progress made so far on the scheme by the Income Tax Department, it was ascertained that a total of 45,855 declarations have been filed in Form 1 till November 17 and disputed demand covered by these declarations amounts to Rs 31,734 crore.

Also, the total disputed amount of the CPSUs being settled under the scheme is Rs 1,00,195 crore, sources said.

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Finance Ministry Sources said that the IT department decided to adopt a proactive approach for 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.

Want to read more in Hindi? Checkout: म्यांमार और भारत में हथियार धकेल रहा चीन, क्षेत्रीय सुरक्षा को खतरा 

Consequent to a declaration under the scheme and on fulfillment of conditions, all appeals are withdrawn (both by the taxpayer and by the department). In view of hardship being faced by taxpayers due to the pandemic situation of Covid-19, the deadline for filing of declarations under the scheme has been extended to December 31, 2020, and the deadline for payment without paying any interest and penalty has been extended to March 31, 2021.

ALSO READ: 73% Indian IT Leaders To Increase 2021 Cloud Budget

It may be noted that the Vivad se Vishwas Scheme was launched on March 17 after the approval of Parliament with the objective of reducing litigation. The scheme provides for settlement of disputed tax, disputed interest, disputed penalty, or disputed fees in relation to an assessment or reassessment order on payment of 100 percent of the disputed tax and 25 percent of the disputed penalty or interest or fee.

The taxpayer is granted immunity from levy of interest, penalty, and institution of any proceeding for prosecution for any offense under the Income-Tax Act in respect of matters covered in the declaration. (IANS)

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