PHD Chamber Urges RBI For 50 Bps Cut In Policy Repo Rate To Induce Demand And Revive Economic Growth
While appreciating the Government for introducing reforms to reduce litigation in the taxation environment, Dr D K Aggarwal, President, PHD Chamber of Commerce and Industry said that Vivad se Vishwas Scheme announced in Union Budget 2020-21 on 1st February 2020 will benefit many taxpayers and can generate more than Rs 2 Lakh crore for the Government in the coming times if it is broadened and exclusions are minimum under this scheme. In the Vivad se Vishwas Scheme, the Government has announced that the amount of disputed tax or 25% of disputed interest or disputed penalty or disputed fee is payable on or before 31st March 2020.
We request the Government to extended the last date to 30th April 2020 from 31st March 2020 without any penalty so that scheme is well spreader across the country and a large number of taxpayers under the litigation cases are able to take advantage of the scheme, said Dr Aggarwal. Currently, there are 4,83,000 direct tax cases pending in various appellate forums i.e. Commissioner (Appeals), ITAT, High Court and Supreme Court.
Dr D K Aggarwal appreciated that in the last budget, Sabka Vishwas Scheme was brought in to reduce litigation in indirect taxes which resulted in settling over 1,89,000 cases. It is suggested that the Vivad Se Vishwas scheme may allow everyone to come forward and settle their dispute not only existing ones but also dispute (s) which are likely to arise, said Dr Aggarwal. The Sabka Vishwas Scheme announced last year for Indirect Taxes was broad based, allowing everyone to come forward and settle not only the existing dispute but also where he/she anticipates that dispute may arise, said Dr Aggarwal.
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