Government Raised Revenue Of 72 Thousand Crores From Vivad Se Vishwas Scheme – Government raised 72 thousand crore rupees from dispute to trust scheme


News Desk, Amar Ujala, New Delhi
Updated Wed, 18 Nov 2020 10:28 PM IST

Token photo
– Photo: Pixabay

Read Amar Ujala e-paper
anywhere anytime.

*Yearly subscription for just ₹299 Limited Period Offer. HURRY UP!

Listen to the news

The Central Government has so far received revenue of Rs 72,480 crore through the trust scheme from the dispute started by the Income Tax Department. According to sources in the Union Finance Ministry, a high-level review of the scheme was carried out on Wednesday. It was informed in this meeting that under the scheme, cases related to disputed amount of Rs one lakh 1,00,195 crore were settled, whose amount of Rs 72,480 crore was settled and deposited till 17 November.

According to sources, till November 17, a total of 45,855 announcements were filed under this scheme in Form-1. Under these announcements, a total of 31,734 crore rupees was asked to settle the disputed income tax demand. Explain that keeping in mind the difficulties faced by taxpayers due to the circumstances caused by the Kovid-19 epidemic, the government has extended the deadline for filing declarations under the dispute-to-trust scheme to December 31, 2020. Also, the deadline for making payment without interest and penalty has been extended till 31 March 2021.

The controversy-on-trust scheme was launched after Parliament’s approval on 17 March to reduce litigation related to income tax. Under this scheme, the dispute is declared settled on payment of 100 per cent of the disputed income tax and on payment of 25 per cent of the disputed fine, interest or fee. To avail the scheme, all kinds of appeals are withdrawn from both the taxpayer and the Income Tax Department and the taxpayer is declared exempt from any action under the Income Tax Act.

The Central Government has so far received revenue of Rs 72,480 crore through the trust scheme from the dispute started by the Income Tax Department. According to sources in the Union Finance Ministry, a high-level review of the scheme was conducted on Wednesday. It was informed in this meeting that under the scheme, cases related to disputed amount of Rs one lakh 1,00,195 crore were settled, whose amount of Rs 72,480 crore was settled and deposited till 17 November.

According to sources, till November 17, a total of 45,855 announcements were filed under this scheme in Form-1. Under these announcements, a total of 31,734 crore rupees was asked to settle the disputed income tax demand. Explain that keeping in mind the difficulties faced by taxpayers due to the circumstances caused by the Kovid-19 epidemic, the government has extended the deadline for filing declarations under the dispute-to-trust scheme to December 31, 2020. Also, the deadline for making payment without interest and penalty has been extended till 31 March 2021.

The controversy-on-trust scheme was launched after parliament’s approval on 17 March to reduce litigation related to income tax. Under the scheme, the dispute is declared to be settled on payment of 100 per cent of the disputed income tax and on payment of 25 per cent of the disputed fine, interest or fee. To avail the scheme, all kinds of appeals are withdrawn from both the taxpayer and the Income Tax Department and the taxpayer is declared free from any action under the Income Tax Act.


www.amarujala.com

Leave a Comment