Vivad Se Vishwas Scheme: Rs 888.09 crores saved by NMDC under the scheme
On April 1, 2020, the National Mineral Development Corporation operating under the Government of India announced that it has saved Rs 888.09 crores by adopting Vivad Se Vishwas Scheme.
Highlights
The Vivad Se Vishwas scheme was announced by the Finance Minister Nirmala Sitaraman during the Union Budget 2020-21. The scheme was introduced to generate timely revenue for the GoI, reducing pending tax litigations and help tax payers end their tax disputes. Using this scheme, NMDC has settled a dispute of Rs 1868 crores for Rs 980 crore. Also, SAIL has settled a dispute of Rs 266 crores for 186 crores.
NMDC
The National Mineral Development Corporation, a state controlled mineral producer is involved in exploration of graphite, iron ore, limestone, dolomite, rock phosphate, copper, gypsum, tungsten, etc. It is the largest iron ore producer in India. It produces more than 35 million tonnes of iron ore. The Diamond mining project operating in Panna, Madhya Pradesh is also being by NMDC.
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Month: Current Affairs - April, 2020