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Govt collects Rs 72K-cr under Vivad Se Vishwas direct tax resolution scheme

A total of 45,855 declarations have been filed under Form 1 as on November 17 and declarations amount to Rs 31,734 crore

Topics
Centre | Direct Tax | Budget

Dilasha Seth  |  New Delhi 

Vivad se Vishwas, tax dispute resolution, tax
The government amended the Finance Act in September to extend the payment date under the Direct Tax Vivad se Vishwas Act, 2020 without additional amount to December 31, 2020.

The government has collected Rs 72,480 crore so far under its flagship, Vivad se Vishwas resolution scheme, with over a month to go for the deadline.

A total of 45,855 declarations have been filed under Form 1 as on November 17 and declarations amount to Rs 31,734 crore.

In case of CPSUs, the total amount being settled under the scheme is Rs 1,00,195 crore.

"So far, tax of Rs 72,480 Crore has been paid by the CPSUs and against the disputed demand under the scheme till date," said a government official.

The government amended the Finance Act in September to extend the payment date under the Vivad se Vishwas Act, 2020 without additional amount to December 31, 2020.

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Vivad se Vishwas Scheme was announced in the presented on February 1 and allows waiver of interest, penalty, and prosecution for settling tax disputes due up to January 31, 2020.

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

There are more than 400,000 such cases which are eligible to avail of the scheme, and they involve at least Rs 9.3 trillion.

The scheme provides for the settlement of disputed tax, disputed interest, disputed penalty or disputed 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. The taxpayer is granted immunity from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income-Tax Act in respect of matters covered in the declaration.

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First Published: Wed, November 18 2020. 22:23 IST
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