FM introduces 'Vivad Se Vishwas' Bill in LS for disputed tax resolutions

Finance Minister Nirmala Sitharaman on Wednesday introduced a bill in Lok Sabha which seeks to provide for resolution of disputed tax cases involving Rs 9.32 trillion.

Introducing the Direct Tax Vivad Se Vishwas Bill, 2020, the minister said this bill emphasises on trust building.
The scheme, she said, will not be an open ended scheme and can be availed for a limited time.
The bill seeks to provide a formula-based solution without any discrimination, she said.
Giving the rationale behind the scheme, Sitharaman said it will reduce the litigation expenditure for the government and at the same may help in generating some revenue.
Opposing the introduction of the bill, Congress leader Adhir Ranjan Chowdhury said the bill's name is drafted in Hindi and the government is trying to impose one specific language on the country. Read More