Budget 2023 | Govt to bring another dispute resolution scheme Vivad Se Vishwas-2: Finance Minister Sitharaman
The Hindu
The Vivad Se Vishwas scheme was announced under Union Budget 2020 to reduce ongoing legal disputes under direct taxation
The government will bring another dispute resolution scheme under Vivad Se Vishwas-2 to settle commercial disputes, Finance Minister Nirmala Sitharaman said on February 1.
Presenting the Budget 2023-24, she also said a one-stop solution for reconciliation and updating of identity of individuals would be established.
Also Read | All you need to know about Direct Tax Vivad se Vishwas Bill, 2020
The Vivad Se Vishwas scheme provides for settlement of disputed tax, disputed interests, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100% of the disputed tax and 25% of the disputed penalty or interest or fee.
Ms. Sitharaman further said as many as 100 labs will be set up for developing applications for 5G services in engineering institutions.
It is pertinent to mention that with telcos in the midst of 5G deployments, the Indian market is poised for dramatically improved speeds and lag-free videos, where applications would range from connected ambulances to cloud gaming.
Also Read | What happened with 5G in India in 2022
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