Vivad se Vishwas scheme: All you need to know about

Vivad se Vishwas scheme: All you need to know about

The Vivad se Vishwas scheme was announced by Union Finance Minister Nirmala Sitharaman during her budget speech on February 1, 2020.

♦What is Vivad se Vishwas scheme?

  • Under this scheme, taxpayers whose tax demands are locked in dispute in multiple forums, can pay due taxes by March 31, 2020, and get a complete waiver of interest and penalty. If a taxpayer is not able to pay within the deadline, he gets a further time till June 30, but in that case, he would have to pay 10% more on the tax.
  • The Vivad se Vishwas scheme is similar to the ‘Indirect Tax, Sabka Vishwas’ scheme, which was introduced by Finance Minister during her maiden budget presentation in July 2019. The “Sabka Vishwas” legacy dispute resolution scheme was aimed at reducing disputes related to excise and service tax payments.

♦Who?

  • Taxpayers whose tax demands are locked in dispute in multiple forums can pay due taxes and get a complete waiver of interest and penalty.

♦When?

  • March 31, 2020. Further extension available till June 30, 2020.

♦How much?

  • In case it is just the interest and the penalty which is in dispute, the taxpayer will have to pay 25% of the disputed amount till March 31, and subsequently, it will be 30%. If a taxpayer is not able to pay within the March 31 deadline, he gets a further time till June 30, but in that case, he would have to pay 10% more on the tax. In case it is just the interest and the penalty which is in dispute, the taxpayer will have to pay 25% of the disputed amount till March 31, and subsequently, it will be 30%.

♦Reason

  • The Vivad se Vishwas Scheme aims to resolve 483,000 direct tax-related disputes pending in various appellate forums.
  • Central Board of Direct Taxes (CBDT) Chairman P C Mody said the direct tax dispute resolution scheme offers a fair deal to settle pending tax disputes as he urged people to come forward and avail the plan. Currently, there are 4.83 lakh direct tax cases pending in various appellate forums — Commissioner (Appeals), Income Tax Appellate Tribunal (ITAT), High Court and Supreme Court.

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