Moneycontrol PRO
HomeNewsBusinessEconomyGovt may extend Vivad se Vishwas tax settlement deadline to Sept 30: Report

Govt may extend Vivad se Vishwas tax settlement deadline to Sept 30: Report

The scheme is scheduled to close on June 30.

May 01, 2020 / 10:21 IST

The Centre may extend the June 30 deadline for its direct tax dispute resolution Vivad se Vishwas scheme in the wake of the coronavirus outbreak and a nationwide lockdown.

The scheme may be extended to September 30, a report by Business Standard said.

Moneycontrol could not independently verify the story.

India is in the final week of the lockdown that ends is to be lifted on May 4.

Follow LIVE updates on the COVID-19 pandemic here

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

The government on March 24 said tax disputes can be settled before June 30 without attracting any interest and penalty.

Earlier, a 10 percent penalty was to be charged if a dispute was settled after March 31 but before the scheme closed on June 30.

The revenue department has not received a single deposit due to the viral outbreak, Business Standard reported.

"The Centre wants to provide enough opportunity to taxpayers to avail of this one-time chance to settle disputes. But companies are witnessing negative growth and a significant reduction in cash flows due to the lockdown, which may not allow them to function fully at least till the end of the first quarter," a source told the newspaper.

The government has set a high direct tax collection target of Rs 13.19 lakh crore for FY21, 28 percent higher than the amount collected in the previous year.

If the scheme is settled 100 percent, then it could generate Rs 1.5 lakh crore, the report said.

Follow our full coverage of the COVID-19 pandemic here.

Moneycontrol News
first published: May 1, 2020 10:18 am

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

  • On Saturdays

    Find the best of Al News in one place, specially curated for you every weekend.

  • Daily-Weekdays

    Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347