What is Vivad Se Vishwas Scheme?

What is Vivad Se Vishwas Scheme

What is Vivad Se Vishwas Scheme? The Government of India is now making every effort to facilitate the public, under which many schemes are also being implemented. The people of the country get a lot of facilities from the schemes implemented by the government, which can make their life easier.

Similarly, now a new scheme “Vivad se Vishwas” has been implemented by the government. Under this scheme, a proposal has been decided to reduce litigation on direct taxes. The scheme will run until June 30, 2020. Till then the dispute will be settled through faceless appeals under this scheme.

What is Vivad Se Vishwas Scheme

If you also want to know about Vivad Se Vishwas Scheme, then read this post till the last. Here you can know what is Vivad Se Vishwas Scheme and other information about this scheme in detail.

What is Vivad Se Vishwas Scheme?

This is one such scheme launched by the government, under which litigation in tax matters can be reduced because at present  4.83 lakh litigations of tax cases are pending. Therefore, under this scheme, disputes will be only settled by paying the tax amount till 31st March. In this, no penalty or interest will have to be paid on the outstanding tax, but after that by June 30, some additional amount will be deposited from those who settle the dispute.

The Finance Minister has made a big announcement to end the pending cases and solve the problems of the taxpayers. Sitharaman said, in the last budget, “the Sabka Vishwas scheme for indirect taxes had come. This time Vivad Se Vishwas scheme will start for direct tax.”

Finance Minister Presented Vivad Se Vishwas

On 1 February 2020, the Union Finance and Corporate Affairs Minister Nirmala Sitharaman presented the Union Budget for the financial year 2020-21 in the Parliament, under which the ‘Vivad se Vishwas’ scheme has been proposed. The objective of this scheme is to reduce litigation on direct tax payments. The Finance Minister said that such taxpayers whose cases are pending at any stage can get benefit from this scheme.

Must Check  Sarathi Parivahan Sewa : Apply Online driving license(DL), कैसे निकाले?

The Finance Minister said that under the scheme, a taxpayer needs to pay only the amount of disputed taxes and will also get a full waiver of interest and penalty provided he pays it by March 31, 2020. She said that after March 31, 2020, the taxpayers availing the benefit of this scheme will have to pay some additional amount. This scheme will continue till June 30, 2020. Sitharaman said she is confident that taxpayers will use this opportunity to get relief from the painful process of litigation.

vivad se vishwas actThe Finance Minister said that 4,83,000 direct tax cases are pending in various appellate forums i.e. Commissioner (Appeals), ITAT, High Court, and Supreme Court. She said the Sabka Vishwas scheme was introduced in the last budget to reduce litigation in indirect taxes and as a result, 1,89,000 cases were resolved.

Taxpayers’ Charter Announcement

In the budget, the Finance Minister has ordered to make a charter of taxpayers to strengthen the income tax system and make the return process even easier. For this, the Central Board of Direct Taxes has been asked to make changes in the law. Its main objective is to increase the trust between the taxpayer and the administration,  and the rights of the taxpayers will also be known.

On this, the Finance Minister said that the details of this charter will be notified soon. With this, she said, “Any tax system requires trust between the taxpayers and the administration and this will be possible only when the right of the taxpayers is clearly enumerated.”

Conclusion

Here we have provided you with complete information about the Vivad se Vishwas scheme. If you have any kind of questions related to this post, then drop them in the comment box. Please do share this article if you found this information useful. For more useful guides and informative posts, keep visiting our website only at Jantayojana.in.

Must Check  How to Link Aadhar with Mobile Number through IVRS & OTP

Leave a Reply

Your email address will not be published.