Jan 04, 2021
Operation clean up: Rs 1 lakh cr of disputed tax to be settled as Vivad Se Vishwas scheme clicks
In a massive clean up of legacy issues, nearly one-fifth of about 5 lakh entities locked in tax litigation with the government have opted for a dispute redressal scheme, helping settle around Rs 83,000 crore of contested amount, a top finance ministry official said on Sunday.
Finance Minister Nirmala Sitharaman had in her Budget for fiscal starting April 2020 announced a Vivad se Vishwas (VsV) Scheme to settle pending disputes relating to direct taxes. It was an attempt to release Rs 9.32 lakh crore blocked in approximately 4.8 lakh appeals pending at various appellate forums.