Union cabinet okays changes in 'Vivad se Vishwas' Bill for faster resolution in direct tax litigation

The Union Cabinet on Wednesday approved changes in the 'Direct Tax Vivad se Vishwas Bill, 2020' with a view to increase its scope to cover litigation pending in various debt recovery tribunals (DRTs).The Bill was introduced in the Lok Sabha earlier this month with the aim of reducing litigation related to direct taxes. It was proposed to cover tax disputes pending at the level of commissioner (appeals), Income Tax Appellate Tribunals (ITAT), high courts and the Supreme Court.

Briefing reporters here, Union minister Prakash Javadekar said it has been decided to cover disputes pending in DRTs also.He said that cases involving over Rs 9 lakh crore of direct taxes are pending in various forums.The minister hoped that people will take advantage of the scheme to settle the tax disputes before March 31, 2020 as 10 per cent more will be charged for settlement of disputes after the end of the current financial year.

The Cabinet meeting chaired by Prime Minister Narendra Modi also saw an approval for capital infusion of Rs 2,500 crore into three state-owned general insurance companies.These three companies are National Insurance Co Ltd, Oriental Insurance Co and United India Insurance Company.#casansaar (Source - PTI Economic Times)