Govt's Vivad Se Vishwas Direct Tax Dispute Redressal Scheme Settles 96,000 Cases Worth Rs 83,000 Crore

The Central Government's Vivad se Vishwas (VsV) scheme for direct tax dispute redressal has successfully helped to settle around Rs 83,000 crore of the contested 9.32 lakh crore amount which was under litigation, reports Economic Times.

While a total of about 4.8 lakh entities are locked in tax litigation with the Government, nearly a fifth of them at 96,000 entities have opted to go by the scheme which provides for settlement of disputed tax, disputed interests, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.

Owing to the strong response received by the VsV scheme and on the hopes of achieving a higher figure of the disputed amount being settled, the Government has now extended the scheme's last date by a month to 31 January.