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Thursday, April 22, 2021

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

The government had originally set a target to collect Rs 2 lakh crore by end of March 2020, but the pandemic upset the calculations.

Written by Prasanta Sahu | New Delhi |
April 7, 2021 4:31:45 am
51 per cent of which are from the central PSUs, Central Board of Direct Taxes (CBDT) Chairman Pramod Chandra Mody said.

The Centre’s tax resolution scheme ‘Vivad Se Vishwas’ has resolved nearly one-third of all direct tax disputes and has netted Rs 54,005 crore in tax revenue,

51 per cent of which are from the central PSUs, Central Board of Direct Taxes (CBDT) Chairman Pramod Chandra Mody told FE.

Although the expectations regarding the scheme was much higher — the government had originally set a target to collect Rs 2 lakh crore by the end of March 2020, but the Covid-19 pandemic upset the calculations — the government still flags the scheme as a success, citing that a 1998 scheme could only mop up Rs 739 crore with resolution of a few thousand disputes and another one in 2016 managed to resolve just 8,600 cases involving a tax demand of Rs 631 crore.

“The numbers suggest that the scheme has been a “very successful” in terms of reduction of legacy disputes. With assessments happening in a fairer and objective manner now, disputes generation will be less going forward,” Mody said.

The top tax department official said 1,33,837 Form-1 were filed involving 1,48,690 dispute declarations with disputed tax worth Rs 1,00,437 crore. FE

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