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Vivad se Vishwas: Tax Disputes Amounting to Rs 98,328 crore are Resolved

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Taxpayers have filed declarations for the settlement of tax disputes totalling Rs. 98,328 crore until March 1, 2021. There are 1,393 declarations from Central Public Sector Units and 833 declarations from State Public Sector Units.

Taxpayers have paid a total of Rs 53,346 crore under the scheme as of March 1, 2021. In a written response to a query in the Lok Sabha on Monday, Shri Anurag Singh Thakur, Union Minister of State for Finance and Corporate Affairs, confirmed this.

Vivad se Vishwas: Tax Disputes Amounting to Rs 98,328 crore are Resolved
 

The scheme's primary goal, according to the Minister, is to resolve a large number of pending tax conflicts amicably. The government has benefited from the collection of revenue that has been blocked by litigation.

As of the Eligibility date, there were 5,10,491 pending tax disputes. There are 1,28,733 declarations for 1,43,126 outstanding conflicts (including cross-appeals). According to the Minister, the declarations received under the scheme cover more than 28% of all pending tax disputes.

The Minister went on to say that the Faceless Appeals Scheme, 2020 was informed on September 25, 2020, in order to improve the effectiveness, openness, and accountability of the Commissioner's (Appeals) decision-making mechanism.

The scheme would not cover appeals involving serious frauds, significant tax evasion, sensitive & search matters, international tax, or the Black Money Act, according to the Minister.

GoodReturns.in

Read more about: income tax tax
Story first published: Tuesday, March 9, 2021, 12:16 [IST]
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