March 6, 2020
Vivad Se Vishwas Scheme to facilitate every taxpayer to settle their dispute says PHDCCI
While addressing the Delegates at the Conference on “Vivad Se Vishwas Scheme” organized by PHD Chamber of Commerce and Industry (PHDCCI) today at PHD House, New Delhi, Shri Kamlesh C Varshney, Joint Secretary (TPL – I), Central Board of Direct Taxes, Government of India said that the scheme is to facilitate every taxpayer to settle their dispute with certainty.
The scheme will benefit taxpayers by providing them peace of mind, certainty and savings on account of time and resources that would otherwise be spent on the long-drawn litigation process. He highlighted that Vivad Se Vishwas scheme will allow everyone to come forward and settle their dispute not only existing ones but also dispute which are likely to arise, said Shri Varshney.
The FAQs released by the Government, the payment of taxes under the Vivad Se Vishwas Scheme can be prepared by the taxpayers in advance. He apprised that the objective of the Government is to generate timely revenue on or before 31 March 2020.
Shri Sanjay Aggarwal, Senior Vice President, PHD Chamber in his welcome address mentioned that The ‘Vivad Se Vishwas’ scheme will be able to generate revenues for the government in the coming times. Therefore, Broadening of Vivad se Vishwas Scheme may be focused, which can help in generating more than Rs 2 Lakh crore for the Government, going ahead.
Shri Anil Kumar Chopra, Mentor, Direct Taxes Committee, PHD Chamber said that the scheme aims to resolve 4,83,000 direct tax-related disputes pending in several appellate forums, namely, Commissioner (Appeals), Income Tax Appellate Tribunal (ITAT), High Court and Supreme Court. He also requested the Government to assign designated person for large number of taxpayers under the litigation cases so that they are able to take advantage of the scheme.
Shri Mukul Bagla, Chair, Direct Taxes Committee, PHD Chamber congratulated the Government for the release of FAQs on ‘Vivad Se Vishwas’ scheme. He stated that the FAQS are very exhaustive for the taxpayers. He mentioned that the scheme will benefit many taxpayers and significantly reduce litigation in the taxation system in the coming times. The core objective of the scheme is to provide a mechanism for resolution of pending tax disputes related to income tax and corporation tax.
Media Division – PHD Chamber of Commerce and Industry