Cabinet approves changes in Vivad Se Vishwas bill, 2020

The Vivad se Vishwas Scheme was announced by Finance Minister Nirmala Sitaraman during the Budget 2020-21. On February 12, 2020, the Union Cabinet approved to make required changes in the Vivad Se Vishwas Bill, 2020 in order to widen its cover over litigation pending in debt recovery tribunal.

Highlights

The amendment has been introduced in order to widen the scope of the scheme in debt recovery tribunal.

About the Scheme

The scheme focuses on tax payers whose tax demands are locked in multiple disputes. It is similar to the Indirect Tax Sabka Vishwas Scheme.

The scheme aims to resolve 483,000 direct tax dispute cases that are pending in various appellate. The scheme aims to release 9 lakh crore direct taxes that are locked up in litigation.

Vivad Se Vishwas Bill, 2020

The bill introduces a resolution mechanism through which an appellant can file a declaration. The authority (resolution mechanism implementer) will determine the amount payable within 15 days of the receipt of declaration.

Month: Current Affairs - February, 2020