06 February, 2020
3 Min Read
Syllabus subtopic: Government Policies and Interventions for Development in various sectors and Issues arising out of their Design and Implementation.
Prelims and Mains focus: about the new scheme; its significance and benefits
News: The finance ministry unveiled details of a new scheme that could fetch the exchequer part of the Rs.9.32 trillion direct taxes under dispute and free up courts and tribunals crippled by prolonged litigation.
A similar scheme announced last year to settle indirect tax disputes related to central excise duty, service tax and various cesses had collected more than Rs.39,000 crore.
Need for the scheme
Tax disputes consume copious amount of time, energy and resources both on the part of the government and taxpayers. Moreover, they also deprive the government of the timely collection of revenue.
About the proposed scheme
What does it signify for the govt.?
If the scheme is successful in collecting revenue, it will offer relief to the Modi administration, which has estimated that its fiscal deficit for FY20 would slip from the earlier projected 3.3% of GDP to 3.8% of GDP.
What are the likely benefits?
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