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Mahesh

03/05/23 06:44 AM IST

Vivad se Vishwas scheme

In News
  • The Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period.
About the Scheme
  • The scheme was announced in the Union Budget 2023-24 by Union Finance Minister Smt. Nirmala Sitharaman.
  • It provides for settlement of disputed tax, disputed interest, disputed penalty or disputed fees in relation to an assessment or reassessment order.
  • The dispute is settled on payment of 100% of the disputed tax and 25% of the disputed penalty or interest or fee.
  • The taxpayer is granted immunity from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income-tax Act in respect of matters covered in the declaration.
  • Disputes related to wealth, securities transaction, commodities transaction tax, and the equalisation levy are not covered under the scheme.
  • Government e-Marketplace (GeM) has developed a dedicated web-page for implementation of this scheme. Eligible claims shall be processed only through GeM.
Source- PIB

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