1.32 lakh declarations filed under Vivad se Vishwas scheme

On 19^th July, 2021, the parliament of India was informed that over 1.32 lakh declarations generating Rs 99,765 crore of disputed tax have been filed under the ‘Vivad se Vishwas’ scheme.

Key Points

• The declarations received under the ‘Vivad se Vishwas’ scheme cover around 28.73% of the total pending direct tax disputes in the country.
• As on the date of eligibility, the total number of pending tax disputes was 5,10,491.
• 31^st March, 2021 was the last date for making declaration under this scheme. However, the last date for making payments has been extended till 31^st
• Under the Vivad se Vishwas scheme the government has amicably resolved a significant number of direct tax disputes with the taxpayers.
• The taxpayers also have an option of making payments till October 31, but an additional amount of interest will be levied.

About Vivad se Vishwas scheme

On 17^th March, 2020, the Direct Tax Vivad se Vishwas Act, 2020 was enacted with the primary aim to settle all the various direct tax disputes which are currently locked up in numerous appellate forums across the country. This scheme provides for the settlement of disputed interest, disputed tax, disputed fees or disputed penalty on payment of 25% of the disputed penalty, fee or interest and 100% of the disputed tax or interest or fee.

Month: Current Affairs - July, 2021