vivad se vishwas bill, tax bill, vivad se vishwas collection, vivad se vishwas revenue, what is vivad se vishwas bill,, direct tax, direct tax litigation

Vivad se Vishwas Scheme Helped the Government to Raise Rs 72,480 crores

Business Finance Government

Tax collection is rising as a very important motive for a government. With increasing funds required for the pandemic, a shortage of taxes or funds is there. And to raise funds, the government saw a new source. This source was litigants. And to collect and raise funds through them, the Vivad se Vishwas scheme came.

After this Vivad se Vishwas scheme, the government or tax department raised Rs 72,480 crores till now. This news came from the Finance Ministry of India. And after this, the share of CPSUs rose to 76 percent.

Till November 17, 45,855 revelations have been recorded by citizens under the plan. And it also included a questioned charge interest of Rs 31,734 crore. But at the same time the contested measure of CPSUs being settled under the plan is Rs 1,00,195 crore, sources said.

Earlier, the Vivad se Vishwas scheme was till April 2020 only. But due to the pandemic, the last date was extended. And now an extended deadline is there for two things. If one wants to declare under the scheme then he or she can do it by 31st December 2020. But the payment deadline is now March 31, 2021. Through this scheme, litigants are getting a good way to solve their disputes. And through this, the government is trying to get as many benefits as they can.

The plan, instituted in March this year, accommodates settlement of contested duty, questioned interest, contested punishment, or questioned expenses. And this is according to an evaluation or reassessment request on an installment of 100% of the contested assessment. And after this 25 percent of the contested punishment or premium or charge is there.

Taxpayers are also getting different types of benefits. Like there will be no levy of interest, penalty, and the institution of any proceeding for prosecution for any offense. These proceedings must be under the Income-tax Act.