The central government has received so far Rs. 72,480 crores in taxes through the direct tax dispute resolution scheme named Vivad se Vishwas from 45,855 cases. The total revenue demanded by the income-tax department from these cases was nearly Rs. 1.32 lakh crores.
According to the sources, the Central Public Sector Units (CPSUs) have come forward for resolving the disputes with revenue implication of over Rs. 1 lakh crores which also improves the prospect of the government’s target of reaching tax revenue collection of 2019.
This received amount is the initial mandatory payment that is made by the taxpayers who had opted for Vivad se Vishwas Scheme as the rest of the payment can be made till March 31, 2021. The deadline was extended by the government due to the pandemic, however, declarations have to be filed by December 31, 2020.
Vivad se Vishwas Scheme:
The Direct Tax Vivad Se Vishwas Act, 2020 was enacted by the government on March 17, 2020, for the settlement of direct tax disputes locked up in various appellate forums.
The government launched scheme provides for the settlement of disputed interest, disputed tax, disputed interest, disputed fees, or disputed penalty.
Objective:
The scheme was launched by the government to provide withdrawal of all the appeals both by the Income-Tax Department and taxpayers on the resolution of cases. It is more attractive for the taxpayers against whom the income tax department has appealed at a higher forum.
Under the scheme, the taxpayer is also given immunity from penalty, levy of interest, and the institution of any proceeding for prosecution for any form of an offense under the act of Income Tax
E-campaign to inform about the scheme:
I-T Department, during its high-level review meeting, decided to launch an e-campaign for informing taxpayers about the scheme, facilitating and guiding them in filing the declarations, and removing any form of difficulties faced by them in availing the Vivad se Vishwas Scheme.
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