Nirmala Sitharaman reaches out to CAs to promote Vivad se Vishwas scheme; govt aims to settle 4.83 lakh direct tax cases

New Delhi: Finance Minister Nirmala Sitharaman on Monday reached out to the chartered account (CA) community to promote the Vivad se Vishwas scheme aimed at resolution of direct tax disputes.

The scheme aims to settle and see a finalisation of 4.83 lakh direct tax cases, with revenue worth Rs 9.32 lakh crore 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 31 March is the date given to pay dues without any additional penalty, whereas between 31 March and 30 June the dues can be paid with additional penalty of 10 percent.

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

The scheme would remain open till 30 June this year.

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

Following the assent, the ministry will issue a notification.