Attractive offers to settle tax disputes before this date under ‘Vivad se Vishwas’ scheme

By: |
Updated: Feb 12, 2020 3:59 PM

Prakash Javadekar said that there are around 9 crore disputed cases pending at different levels of jurisdiction.

tax disputes, vivad se vishwas scheme, sabka vishwas scheme, amnesty scheme, tax resolution10% extra charge will be applicable for settling the dispute from 1 April 2020.

The government has today announced attractive offers for the taxpayers so that they can clear their disputes at the earliest. In a press briefing held today, Prakash Javadekar announced that the taxpayers will get lucrative incentives if they clear their disputes before 31 March 2020, which will be a win-win situation for both the government and the taxpayers.  He also said that 10% extra charge will be applicable for settling the dispute from 1 April 2020. Calling the move as an extension of Swachh Bharat Abhiyan, he urged the taxpayers to take the most out of this scheme and clean the system.

In another major announcement, the minister also said that there are around 9 crore dispute cases pending at different levels of jurisdiction but if the current status of the court’s decision is in the favour of the taxpayer, he will only have to pay 50 per cent of the amount now and the rest after the entire proceeding is over. Earlier, the taxpayer was supposed to pay the full amount at once.

Also Read: Modi’s gas-based economy dream to help cut global emissions; here’s how India can end coal legacy

Meanwhile, the government launched ‘Vivad se Vishwas’ scheme to settle the pending direct tax resolution schemes after launching a similar scheme ‘Sabka Vishwas’ last year, which was aimed to clear the pending disputed cases related to indirect tax. It has also been earlier reported that under the scheme, nearly 70 per cent of the disputed cases were resolved, however, the big tickets still kept distance with the scheme. According to the data released in Lok Sabha this week, the total amount of funds that are locked up with the government in cases at various levels under service tax and central excise put together by the end of 2019 is more than Rs 4 lakh crore. This amount is stuck with the government in nearly 1.4 lakh cases.

Do you know What is Positive GDP growth seen in Q3, need to fight inflation: RB, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1World Economic Forum’s online Davos summit to begin Sunday; Modi, Jinping among listed speakers over six days
2CM Nitish Kumar must bridge political-economic divide in Bihar with more balanced choices on policy fronts
3Kerala passes resolution against CAG’s audit report