Vivad Se Vishwas 2.0: The Indian government is set to roll out the Direct Tax Dispute Resolution Scheme ‘Vivad se Vishwas 2.0’ on October 1, 2024. This initiative, announced during the Budget 2024-25 presentation in July, aims to resolve pending income tax disputes, addressing a backlog of approximately 2.7 crore direct tax demands totaling around Rs 35 lakh crore.
Government to Launch ‘Vivad se Vishwas 2.0’ on October 1, 2024
In a recent notification, the Finance Ministry emphasized the government’s commitment to simplifying tax processes, enhancing taxpayer services, and reducing litigation while boosting revenue. Finance Minister Nirmala Sitharaman highlighted these goals in her budget speech, reaffirming the administration’s focus on tax certainty and efficiency.
Aims and Expectations of ‘Vivad se Vishwas 2.0’
The ‘Vivad se Vishwas 2.0’ scheme is designed to provide a clear pathway for taxpayers to settle disputes efficiently, reducing the burden on the judiciary and administrative resources. By offering a simplified resolution mechanism, the government aims to promote compliance and encourage taxpayers to resolve outstanding issues amicably.
Experts believe this initiative will not only help alleviate the extensive backlog of tax disputes but also enhance taxpayer confidence in the system. With a successful track record from the initial phase, stakeholders are optimistic that this new scheme will replicate the success, ultimately leading to increased tax collections and improved governance in the tax administration process.
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