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Sabka Vishwas tax scheme ends with flying colours; now do this to ensure people pay tax

Sabka Vishwas tax scheme ends with flying colours; now do this to ensure people pay tax

Phew! the deluge has finally abated! As we assess the impact of the Sabka Vishwas Legacy Dispute Resolution Scheme (SVLDRS- 2019) which finally ended at the stroke of the midnight hour on the 15th of January, 2020, there is only one unanimous verdict – it has turned out to be one gigantic winner. A total of 1,89,229 declarations filed, coupled with a handsome revenue of Rs 14821 crores (almost 2 billion dollars) for the cash-starved government exchequer. The figures speak for themselves!

It would be a grave injustice to the scheme, if it’s success were to be measured solely on the basis of figures reported. A more rational evaluation would be to judge it vis-a-vis the expectations with which it was launched on the 1st of September, 2019. As per records, the number of potential declarations was estimated to be about 1,82,000 & with the actual number topping the expectations by a wide margin, the results have come as a pleasant surprise. On the revenue side, the figure of Rs 14821 crores may look piffling, but with the scheme granting a mammoth and truly unprecedented waiver of as much as 70% of tax dues, any expectations of windfall revenues were anyway fanciful

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