Latest News | Govt Garners Rs 9,538 Cr from Direct Tax Dispute Resolution Scheme So Far

New Delhi, Sep 20 (PTI) The government has collected Rs 9,538 crore revenue from the Direct Tax Vivad Se Vishwas scheme, Parliament was informed on Sunday.

Minister of State for Finance Anurag Singh Thakur said as many as 35,074 declarations have been filed under the Direct Tax Vivad Se Vishwas scheme till September 8, 2020.

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"The revenue generated till date through the (Direct Tax Vivad Se Vishwas) Act is Rs 9,538 crore. This figure does not include the payments made by the taxpayers who are yet to file their declarations under the scheme," Thakur said in a written reply in the Rajya Sabha.

Finance Minister Nirmala Sitharaman had proposed the direct tax dispute resolution scheme, which provides opportunity to taxpayers to pay outstanding taxes and get waiver of interest and penalty, in her Union Budget speech on February 1.

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In March, Parliament passed the Direct Tax Vivad Se Vishwas Act. The dispute resolution scheme is valid till December 31, 2020.

Under the scheme, taxpayers willing to settle disputes shall be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute by December 31, 2020.

As many as 4.83 lakh direct tax cases involving Rs 9.32 lakh crore in disputed taxes are locked in various appellate forums. The amount is equivalent to 82 per cent of the government's direct tax revenue in FY2018-19. PTI

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)