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Modi govt's tax settlement scheme shows results; taxpayers commit to pay Rs 30,000 crore

In wake of strong response of the taxpayers, the last date for the tax dispute resolution-cum-amnesty scheme has been extended for a period of fifteen days, till 15 January 2020

twitter-logoBusinessToday.In | January 2, 2020 | Updated 19:08 IST
Modi govt's tax settlement scheme shows results; taxpayers commit to pay Rs 30,000 crore
Sabka Vishwas scheme was introduced by Finance Minister Nirmala Sitharaman in the FY20 budget

Modi government's Sabka Vishwas Dispute Resolution and Amnesty Scheme (SVLDRS) has received an overwhelming response with almost 73 per cent of the total eligible taxpayers availing the scheme. Taxpayers have committed to pay tax dues worth Rs 30,627 crore.

In wake of strong response of the taxpayers to the scheme, the central government on Thursday extended it for a period of fifteen days, till 15 January 2020.

"This is one-time and final extension in view of taxpayers' response," according to an official statement released by the Central Board of Indirect Taxes and Customs (CBIC).

As per CBIC statement, out of the total 1.84 lakh taxpayers who are eligible to avail the scheme, as many as 1.34 taxpayers have so far submitted their applications by the morning of 31 December 2019. Their applications involve tax dues of Rs 69,550 crore and after availing various reliefs, the payable amount is Rs 30,627 crore.

Also Read: Rs 1.12 lakh crore paid as IGST refund to exporters: CBIC

Sabka Vishwas scheme, which was introduced by Finance Minister Nirmala Sitharaman in the FY20 budget to settle pending disputes of service tax and central excise duty, is "received by the taxpayers as the most beneficial dispute resolution scheme ever announced by the government," said the statement.

CBIC said that there has been a spurt in the number of taxpayers opting for the scheme during the last fortnight.

"The government has noted the huge interest amongst the taxpayers for this scheme and would like to ensure that eligible taxpayers who have yet not applied to avail amnesty or relief under this scheme do not miss out due to the last-minute rush. Therefore, the government has extended the SVLDRS as a one-time measure for a fortnight up to 15 January, 2020."

Also Read: Stormy GST Council meetings expected in 2020 as govt scrambles for revenues

The Sabka Vishwas Dispute Resolution and Amnesty Scheme (SVLDRS) was introduced with the twin objectives of liquidating the legacy disputes in central excise and service tax that are pending at various fora as well as encouraging non-compliant tax payer/tax evaders to declare the tax not paid so far and come under the tax net voluntarily. The scheme came into force on 1 September 2019.

By Chitranjan Kumar

 

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