Govt Aims To Resolve 90% Of Income Tax Cases Worth Rs 9.3 Lakh Cr Under ‘Vivaad Se Vishwas’

Govt Aims To Resolve 90% Of Income Tax Cases Worth Rs 9.3 Lakh Cr Under 'Vivaad Se Vishwas'
Govt Aims To Resolve 90% Of Income Tax Cases Worth Rs 9.3 Lakh Cr Under ‘Vivaad Se Vishwas’

As per the reports, the government expects to resolve 90 percent of the income tax disputes through ”Vivaad se Vishwas” scheme announced in the Budget for 2020-21, Union Minister Anurag Singh Thakur said on Tuesday.

How  Did This Happen?

The government expects to resolve 90% of the income tax disputes through ‘Vivaad se Vishwas’ scheme announced in the Budget for 2020-21.

Basically the scheme is aimed at resolving tax disputes worth over Rs 9.32 lakh crore in 4.8 lakh cases.

Mr Thakur said “We hope more than 90 percent pending income tax cases will be settled under ”Vivaad Se Vishwas”,” while he was speaking at an employment fair organized by a local non-profit, Sarthak.

How Will  ”Vivaad Se Vishwas” Affect People?

Although, the minister of state for finance assured that the interests of entrepreneurs paying taxes honestly will be protected and emphasized the need to curb frauds in the tax system.

He said “The government trusts entrepreneurs. Earlier, entrepreneurs used to take two months to register their company, whereas now they can do so in 24 hours. But some people work fraudulently to get input tax credit or tax refund which causes a lot of damage to honest entrepreneurs. So, there is a need to curb these frauds,”.

Also, Mr Thakur mentioned that he has asked officials at income tax and Central Goods and Services Tax departments not to harass any entrepreneur.

How Will  ”Vivaad Se Vishwas” Scheme Will Benefit The Country?

While informing about this scheme benefits, he said that more than 95 percent of the cases involving disputes related to payment of indirect taxes through ”Sabka Vishwas Yojana” have been settled in the last two months, adding about Rs 40,000 crore to the government kitty.

Also, he informed that over 41,000 cases related to income tax disputes in Madhya Pradesh and Chhattisgarh are pending in various tribunals in which the government has to realize a huge amount.

Talking further on the subject, Mr Thakur said that the PM Modi government would achieve the ambitious target of making the country a $5 trillion economy by 2024-25 with the participation of youths.

Moreover, Mr Thakur said he is confident that the Indian economy will continue to perform well, as the government has made several announcements, including promoting industrial investment, in the Union Budget.

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