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FM reaches out to CAs to promote Vivad se Vishwas scheme to resolve cases

Addressing CAs at an, Sitharaman said they should work hard to make the scheme successful

Direct Tax | chartered accountants | Direct Taxes Code

Press Trust of India  |  New Delhi 

FM Nirmala Sitharaman speaks on Union Budget 2020 at the #BreakfastBriefing session organised by India Foundation in New Delhi. Photo: PTI
She also expressed hope that the Direct Tax Vivad Se Vishwas Bill 2020 to get assent from the President. Photo: PTI

Finance Minister on Monday reached out to the Chartered Account (CA) community to promote the Vivad se Vishwas scheme aimed at resolution of disputes.

The scheme aims to settle and see a finalisation of 483,000 cases, with revenue worth Rs 9.32 trillion locked up in them, pending at various appellate forums such as the Commissioner (Appeals), ITAT, high courts and the Supreme Court.

Addressing CAs at an event here, Sitharaman said they should work hard to make the scheme successful.

The government has a lot on its plate due to the coronavirus outbreak and "it would be just helpful if you could move quickly in these just 15 days so that the financial year ends with decent settlement of dispute and settlement of claims", she added.

Sitharaman said March 31 is the date given to pay dues without any additional penalty, whereas between March 31 and June 30 the dues can be paid with additional penalty of 10 per cent.

Further, where arrears relate to disputed interest or penalty only, then 25 per cent of the disputed penalty or interest shall have to be paid if the payment is made by March 31, beyond which the same shall be enhanced to 30 per cent.

The scheme would remain open till June 30 this year.

She also expressed hope that the Vivad Se Vishwas Bill 2020 to get assent from the President on Monday.

Following the assent, the ministry will issue a notification.

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First Published: Mon, March 16 2020. 22:38 IST