Considering the surge in VsV application that got filed in December 2020 and demands of taxpayers, he said the government has extended the scheme by a month till January 31.
The entities opting for the scheme have to pay requisite tax and litigations are closed and penal proceedings dropped.
"Under this exercise, more than Rs 1 lakh crore tax demands, which arose because of incorrect entries, have been cleaned up," he said.
The litigation and appeal cases are before the Commissioner (Appeals) and tax tribunals to higher courts and in arbitration.
Once an entity opts for the VsV scheme and pays the due tax, the cases are deemed to have been withdrawn from the forums, interest, penalty and prosecution are also withdrawn.
"We have extended the date till January 31. So, we hope to achieve a much higher figure. So that substantial number of cases which are pending will get settled under Vivad Se Vishwas scheme," the Secretary said, adding a large proportion of entities opting to settle disputes is from the private sector.
The scheme 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.