Key Amendments Proposed To Vivad Se Vishwas Bill, 2020
Greetings!
The success of Sabka Vishwas Scheme under the Indirect Tax regime, paved the way for Modi government to roll out another scheme under the Direct Tax regime named “Vivad se Vishwas”, to provide tax payers to pay full/ partial tax where they are entangled in direct tax litigations.
However the bill, tabled in the Parliament on 5th February 2020, brought in many questions involving interpretation of the provisions and the restrictive coverage of the scheme. With the aim to ensure the success of the scheme and that the intent of the scheme is achieved, the Government has proposed certain amendments to the Bill, relating to proposed appellant covered under the scheme, revised “disputed tax” definition, tax payment, withdrawal of appeal, certain exclusions from the scheme etc.
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