Several Central Public Sector Enterprises (CPSEs), under the Ministry of Steel, have made payment of due tax to the government under Vivad Se Vishwas Scheme by 31st March 2020.
Ministry of Steel in a press note informed that 7 PSEs under the ministry have paid disputed tax aggregating Rs. 773.11 crore to the income tax department under the Direct Tax Vivad se Vishwas Scheme. NMDC has paid the highest tax amounting to Rs. 697.96 crore. Other notable PSEs are SAIL, MOIL, NMDc and others.
The government has introduced an amnesty scheme to settle the tax disputes under the Income Tax Act, 1961. The Finance Minister announced about the direct tax amnesty scheme Vivad Se Vishwas (No dispute but Trust) while presenting the Union Budget 2020 on February 1, 2020.
The Direct Tax Vivad Se Vishwas Bill, 2020 was introduced in the Loksabha on 5th February 2020 and passed in the lower house of the Parliament on March 4, 2020.
The upper house, Rajya Sabha, has passed the Bill on 13.03.2020. The Bill was notified as Direct Tax Vivad se Vishwas Act, 2020 on 17.03.2020. On the next day, Direct Tax Vivad se Vishwas Rules, 2020 and Corresponding Form were notified.
Under the amnesty scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get a complete waiver of interest and penalty provided. Further, in search cases, the amount payable is 125% of the disputed tax compared to 100% in non-search cases.
For disputed penalty, interest and fee, the taxpayer would be required to pay only 25 per cent of the same for settling the dispute.
In case the matter is decided in favour of the taxpayer, the payment of disputed tax is half of the normal rates.
The above rate of payment shall remain valid if paid by 31st March 2020. In case it is paid after 31st March but before the end date of the scheme, a higher 10 percentage point of normal rate is required to be paid.
The date of March 31, 2020, is now extended to 30.06.2020 without any 10% additional payment by Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020.
Read the full text of the Press Note of Ministry of Steel.
Ministry of Steel
CPSEs under the Ministry of Steel Pay Tax Dues under Vivad Se Vishwas scheme
01 APR 2020
Payment of Tax by CPSEs under Vivad Se Viswas scheme
Name of the CPSE
|
Total amount under dispute
as per joint statement
|
Amount
payable
under VsV as per joint statement
|
Amount
already paid
as per joint statement
|
Net payment
to be paid
|
Amount paid under VsV by 31.3 2020
|
Rs.in crore
|
|||||
1
|
2
|
3
|
4
|
5
|
6
|
SAIL
|
*266.27
|
186.72
|
143.46
|
43.26
|
46.16
|
NMDC
|
1868.80
|
980.71
|
282.75
|
697.96
|
697.96
|
RINL
|
577.32
|
275.88
|
253.44
|
22.44
|
22.44
|
29.39
|
22.61
|
18.55
|
4.06
|
4.06
|
|
MOIL
|
18.85
|
11.58
|
16.96
|
(7.16) Refund
|
1.78
|
MSTC
|
11.16
|
2.36
|
1.02
|
Nil
|
Nil
|
KIOCL
|
11.55
|
0.60
|
35.13
|
(34.53)
refund
|
0.60
|
JKMDC
|
0.19
|
0.15
|
0.04
|
0.11
|
0.11
|
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