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Thursday, February 20, 2020

Sabka Vishwas scheme: Big taxpayers choose legal remedy to clear disputes

The scheme’s original deadline was December 31, but later deferred to January 15.

Written by Sumit Jha | New Delhi | Published: January 10, 2020 3:03:18 am
Sabka Vishwas scheme, whats is Sabka Vishwas scheme, taxpayers disputes, indian express Over 87 per cent of 1.8 lakh eligible taxpayers applied for the scheme by Monday, as per officials.

Taxpayers with deep pockets seem to have weighed the two options of resolving their indirect tax disputes with the Centre under Sabka Vishwas scheme and getting legal remedy, only to mostly choose the latter route. Why else even after nearly 90 per cent of eligible taxpayers opted for Sabka Vishwas, cases related to only a fifth of the total disputed amount of Rs 3.6 lakh crore have been resolved yet? The scheme’s original deadline was December 31, but later deferred to January 15.

Over 87 per cent of 1.8 lakh eligible taxpayers applied for the scheme by Monday, as per officials. The Centre had earlier said 1.6 lakh taxpayers committed to pay Rs 35,094 crore of Rs 79,968 crore claimed by the taxman and settled the disputes. It remains to be seen how much of the committed payments will be made.

Sources say large taxpayers are steering clear of the scheme as in many cases consultants and lawyers employed by them have found that immediate settlements would not be in the best interests of these intermediaries. —FE

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