FM introduces Direct Tax Vivad Se Vishwas Bill in Lok Sabha
PTI, Feb 5, 2020, 3:20 PM IST
New Delhi: Finance Minister Nirmala Sitharaman on Wednesday introduced a bill in Lok Sabha which seeks to provide for the resolution of disputed tax cases involving Rs 9.32 lakh crore.
Introducing the Direct Tax Vivad Se Vishwas Bill, 2020, the minister said, “This bill emphasizes on trust-building. The scheme 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.”
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. At the same time it will hurt the government’s tax collection.”
Echoing similar sentiments, his party colleague Shashi Tharoor said, “This bill violates the principle of equality by equally treating honest and dishonest taxpayers.
In her budget speech on February 1, Sitharaman had announced Vivad se Vishwas scheme to resolve 483,000 direct tax disputes pending in various tribunals.
Under the scheme, taxpayers whose tax demands are locked in dispute in multiple forums can pay due to taxes by March 31, 2020, and get a complete waiver of interest and penalty.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Congress to discuss candidates for Amethi, Raebareli seats on Saturday
Cache of arms including foreign-made revolvers seized by CBI in Sandeshkhali raids
24 Indian Fishermen Released from Sri Lankan Detention, Repatriated to India
SC verdict on EVM tight slap to Congress-led opposition: PM Modi in Bihar rallies
Board exams twice a year from 2025: MoE asks CBSE to work out logistics, no plan for semesters
MUST WATCH
Latest Additions
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Congress to discuss candidates for Amethi, Raebareli seats on Saturday
BJP’s CT Ravi Booked for Promoting Hatred and Enmity Through Social Media Post
Elections held in 14 LS segments in Karnataka, voter turnout nearly 64 per cent till 5 pm
‘PM is scared, may even shed tears on stage’: Rahul Gandhi’s fresh salvo at Modi