Industry urges FM Nirmala Sitharaman to change tax settlement scheme

Sources in Ficci say the lacuna of the scheme is that 100% of the disputed tax has to be paid

Industry on Monday asked Finance Minister Nirmala Sitharaman to tweak the Bill on settling direct tax disputes by reducing the amount of tax under the scheme on the lines of a similar one for indirect taxes announced in the previous Budget. 

Sitharaman on Monday met industry representatives on the scheme that provides opportunity to taxpayers to pay outstanding taxes and get waiver of interest and penalty.

Sources in the Federation of Indian Chambers of Commerce and Industry (Ficci) said the main lacuna of the scheme was that 100 per cent of the disputed tax had to be paid. 

On the other hand, a