CBDT extends deadline for payment under Vivad se Vishwas scheme

Discuss the role of ‘Honouring the honest platform’ and the ‘Direct Tax Vivad se Vishwas Scheme’ in promoting tax compliance among Indians.  (150 Words)

Approach:

• Introduce by giving a statistic like only 1.5 crore Indians (out of 130 crores) pay income tax. And the tax to GDP ratio of ~17% is much less than the average of 21% of emerging market economies.
• Enumerate the major provisions of ‘Honouring the honest platform’ and ‘Direct tax Vivad se Vishwas scheme’
• Discuss the positive impact of these schemes on taxpayers behavior and ease of compliance.
• Way Forward / Conclusion