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September 20, 2020

35,074 taxpayers opt for Vivad Se Vishwas Scheme & Govt struck off 3,82,581 shell companies

by facelesscompliance in Corporate Law, Income Tax

35,074 taxpayers opt for Vivad Se Vishwas Scheme & Govt struck off 3,82,581 shell companies

35,074 taxpayers opt for Vivad Se Vishwas Scheme


The total number of taxpayers who have opted for the Direct Tax Vivad Se Vishwas Act since its enactment is 35,074 through Form-1 (Declaration under the scheme) that have been submitted till 8th September, 2020. 

This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs in a written reply to a question in Rajya Sabha today.                             

Giving more details, the Minister further said that the revenue generated till date through the Act is Rs. 9,538 crore. This figure does not include the payments made by the taxpayers who are yet to file their declarations under the Scheme. The time-limit for filing of declaration under the scheme has been extended till 31st December, 2020.

Government struck off 3,82,581 shell companies during last three years

The Government has undertaken a Special Drive for identification and strike off Shell Companies. Based on non-filing of Financial Statements (FS) consecutively for two years or more, companies were identified and after following due process of law as provided under Section 248 of the Companies Act, 2013 read with the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016, there are 3,82,581 number of Companies were struck off during the last three years. 

This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs in a written reply to a question in Rajya Sabha today.

The term “Shell Company” is not defined under the Companies Act. It normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose such as tax evasion, money laundering, obscuring ownership, benami properties etc. The Special Task Force set up by the Government to look into the issue of “Shell Companies” has inter-alia recommended the use of certain red flag indicators as alerts for identification of Shell Companies.

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