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Changes in ‘Vivad se Vishwas’ Bill
Why is it in the news?
- The Union Cabinet approved changes in the ‘Direct Tax Vivad se Vishwas Bill, 2020’.
- Changes made with a view to increase its scope to cover litigations pending in various debt recovery tribunals (DRTs).
More in the news
- The Bill was introduced in the Lok Sabha with the aim to reduce litigations related to direct taxes.
- It was proposed to cover tax disputes pending at the level of commissioner (appeals), Income Tax Appellate Tribunals (ITAT), high courts and the Supreme Court.
- More About the Direct Tax Vivad Se Vishwas Bill:
(1) Under the scheme, taxpayers whose liabilities are caught in dispute can pay their taxes by March 31, 2020 and avail themselves of a complete waiver of interest and penalty.
(2) The Bill will be emphasises on trust building.
(3) The scheme will not be an open ended scheme and can be availed for a limited time.
(4) Rationale: It will reduce the litigation expenditure for the government and at the same may help in generating some revenue.
Source
The Hindu.