GoI notifies rules for Vivad Se Vishwas Scheme

On March 19, 2020, Govenrment of India has notified rules to avail full benefit of direct tax dispute resolution under the Vivad Se Vishwas Scheme.

Highlights

Currently, there are more than 400,000 cases that are eligible to avail the scheme. This involves Rs 9.3 lakh crores. The scheme aims to settle disputes and aid in revenue collection of the Government. However, experts believe that under COVID-19 crisis, it is essential to extend the date of deposit date beyond March 31.

Vivad Se Vishwas

The scheme was introduced by the Finance Minister during the Union Budget 2020-21. The scheme aims to settle pending cases on direct taxes. It provides waiver of interest to those taxpayers that pay their taxes before March 31.

The Scheme intends to reduce revenue shortfalls of the GoI. The scheme is to remain open till June 2020. Those who avail the scheme after March 31, 2020 are to pay additional amount, that is along with interests and penalty

Month: Current Affairs - March, 2020