Vivad Se Vishwas: Govt nets Rs 54K cr, half of it from PSUs

The Centre’s tax decision scheme ‘Vivad Se Vishwas’ has resolved almost one-third of all direct tax disputes and has netted Rs 54,005 crore in tax income,
51 per cent of that are from the central PSUs, Central Board of Direct Taxes (CBDT) Chairman Pramod Chandra Mody informed FE.
Although the expectations concerning the scheme was a lot increased — the federal government had initially set a goal to gather Rs 2 lakh crore by the top of March 2020, however the Covid-19 pandemic upset the calculations — the federal government nonetheless flags the scheme as successful, citing {that a} 1998 scheme may solely mop up Rs 739 crore with decision of some thousand disputes and one other one in 2016 managed to resolve simply 8,600 circumstances involving a tax demand of Rs 631 crore.
“The numbers suggest that the scheme has been a “very successful” by way of discount of legacy disputes. With assessments taking place in a fairer and goal method now, disputes technology will probably be much less going ahead,” Mody mentioned.
The high tax division official mentioned 1,33,837 Form-1 had been filed involving 1,48,690 dispute declarations with disputed tax price Rs 1,00,437 crore. FE