Govt nets Rs 53,684 crore from Vivad Se Vishwas scheme so far

The government has received Rs 53,684 crore so far from the direct tax dispute resolution scheme Vivad Se Vishwas, the Finance Ministry said on Monday.

In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said over 1.32 lakh declarations, entailing disputed tax of Rs 99,765 crore, have been filed under the scheme.

Giving the current status declarations filed under Vivad Se Vishwas Scheme, he further said the payments of Rs 53,684 crore have been received against disputed tax.

The last date for making a declaration under the scheme was March 31, 2021.

However, the last date for making payments under the scheme has been extended till August 31. Taxpayers also have the option to make payments till October 31, with an additional amount of interest.

The scheme provides for settlement of disputed tax, disputed interests, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.

The taxpayer is granted immunity from levy of interest, penalty and the institution of any proceeding for prosecution for any offence under the Income-tax Act in respect of matters covered in the declaration.

The Direct Tax Vivad se Vishwas Act, 2020 was enacted on March 17, 2020, to settle direct tax disputes locked up in various appellate forums.