Bills & ActsCurrent Affairs

Cabinet approved amendment of the 2020 Direct Tax Vivad se Vishwas Bill

The Union Cabinet approved the amendment of the Direct Tax Vivad se Vishwas Bill, 2020 on 12 February. The Bill was introduced by Finance Minister Nirmala Sitharaman in the Union Budget 2020. The Bill seeks to provide resolution for disputed tax cases that involve Rs.9.32 lakh crore. Aim: The amendment will widen the scope to cover litigation pending in various debt recovery tribunals (DRTs).  Bill Amendment: ♦ The Bill was introduced with an aim to reduce litigation related to direct taxes. ♦ It will cover tax disputes pending at the level of commissioner (appeals), Income Tax Appellate Tribunals (ITAT), high courts (HCs) and the Supreme Court (SC). ♦ It is expected that the people will take advantage of the Vivad se Vishwas scheme to settle the tax disputes before 31 March 2020, as 10% more will be charged for settlement of disputes after that date.

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