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News INCOME TAX

  • Nov 19, 2020
  • Govt nets Rs 72,480 cr under Vivad se Vishwas scheme

    The government has received Rs 72,480 crore in taxes under the dispute resolution scheme ‘Vivad se Vishwas’ from 45,855 cases so far, finance ministry sources said. The total revenue demand made by the income-tax department from these cases was nearly Rs 1.32 lakh crore.

    The Central Public Sector Units (CPSUs) came forward to resolve disputes with revenue implication of over Rs 1 lakh crore, sources said. This improves the prospect of the government’s target to reach tax revenue collection of last year. The scheme was launched to liquidate nearly 9.5 lakh crore revenue stuck in direct tax disputes at different forums in nearly 5 lakh cases.

    “This amount is the initial mandatory payment made by taxpayers who have opted for the scheme as the rest of the payment can be made till March 31,” a source said. The government has extended the date for the scheme to December 31.

    The scheme provides for withdrawal of all appeals both by taxpayer and the income-tax department on resolution of cases. Vivad se Vishwas was launched earlier this year for settlement of disputed tax, interest, penalty and fees in relation to an assessment or reassessment order on payment of 100% of the disputed tax and 25% of the disputed penalty or interest or fee.