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News INCOME TAX

  • Jan 02, 2020
  • Tax dispute settlements yield Rs 31,000 crore for the government

    About three-fourths of eligible taxpayers have settled their legacy excise and service tax disputes with the tax department after agreeing to pay Rs 30,627 crore under the Sabka Vishwas scheme till December-end. When the scheme was launched on September 1, 2019, the disputed amount under 1.83 lakh cases was as high as Rs 3.6 lakh crore. Pertinently, the total disputed amount involved in the cases of the 1.34 lakh people who have settled the disputes was Rs 69,550 crore, just a fifth of the total amount that was locked in disputes. The amount involved in still-unresolved disputes is a staggering Rs 2.9 lakh crore. Tax experts said cash crunch with many businesses could have a role in many large disputes remaining unresolved. Meanwhile, the Central Board of Indirect Taxes and Customs (CBIC) has extended the validity of the scheme to January 15. The Sabka Vishwas scheme was proposed in the budget with the objective of settling pending disputes of service tax and central excise. It is meant to be a one-time window for eligible persons to declare their tax dues and pay the same in accordance with the provisions.