To a query in the Lok Sabha on whether the government has been able to achieve the objective of settling income tax cases after launching the Vivad se Vishwas scheme, Minister of State for Finance Anurag Singh Thakur said, "Yes".
YES Bank, ICICI Bank, Axis Bank and HDFC Bank accounted for the highest performa GNPAs among private banks.
The government has realised Rs 53,346 crore through direct tax dispute resolution scheme Vivad Se Vishwas till February 22, Parliament was informed on Monday.
To a query in the Lok Sabha on whether the government has been able to achieve the objective of settling income tax cases after launching the Vivad se Vishwas scheme, Minister of State for Finance Anurag Singh Thakur said, “Yes”.
He said over 1.28 lakh declarations have been filed under the scheme involving a disputed tax of Rs 98,328 crore. Of this, Rs 53,346 crore has been received as payments against disputed tax.
This include Rs 27,720 crore worth payments made by the central public sector undertakings (PSUs), Rs 1,023 crore by state PSUs, and Rs 24,603 crore by others.
The Vivad Se Vishwas scheme provides for settlement of disputed tax, disputed interest, disputed penalty or disputed fees in relation to an assessment or reassessment order. The dispute is settled on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.
The taxpayer is granted immunity from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income Tax Act in respect of matters covered in the declaration.
The Direct Tax Vivad se Vishwas Act, 2020, was enacted on March 17, 2020 to settle direct tax disputes locked up in various appellate forum.
Last month, the income tax department extended the deadline for filing deceleration and making payment under direct tax dispute resolution scheme Vivad Se Vishwas till March 31 and April 30.
Thakur further said 6.78 crore income tax returns were filed for the financial year 2019-20, higher than 6.74 crore filed for 2018-19. For 2017-18, 6.87 crore ITRs were filed.
Thakur further said the direct taxes collection has been reduced due to COVID-19.
During 2019-20 fiscal, net direct taxes collection stood at Rs 10,50,711 crore.
Considering the impact of the COVID-19 pandemic, direct taxes collection target for the financial year 2020-21 has been reduced to Rs 9,05,000 crore.
“As against the Revised Budget Estimates of Direct Tax Target of Rs 9,05,000 crore, net collection of direct taxes amounting to Rs 7,32,388.72 crore has been achieved during the period from April 1, 2020, to February 28, 2021,” Thakur added.