Recently the government has achieved a massive tax collection of INR 72,480 crore from its much-popularized scheme Vivad Se Vishwas tax scheme
It has been said that there have been INR 31,734 crores collected from around 45,855 declarations filed under Form 1. While talking about the CPSUs, an amount of INR 1,00,195 crores has been settled.
As per a government officer, “So far, tax of Rs 72,480 Crore has been paid by the CPSUs and taxpayers against the disputed demand under the scheme till date,”.
Government had extended the due date for payment under direct tax vivad se Vishwas Act, 2020
As per the Vivad se Vishwas Scheme, the government had offered relaxation in terms of interest waiver, penalty, and prosecution if the taxpayer settles the amount pending till 31 January 2020.
As per the officer, “A proactive approach has been adopted for the 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,”.
However, there are still 400,000 cases pending which revolve around INR 9.3 trillion and are fit for the scheme.