Govt notifies Oct 1 as start date for Vivad Se Vishwas 2.0 scheme

The government has notified October 1 as the starting date for direct tax dispute resolution scheme Vivad Se Vishwas 2.0. Vivad Se Vishwas scheme 2.0 was originally announced in Budget 2024-25 presented in July for resolution of certain income tax disputes pending appeal. "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force," the finance ministry said in a notification. Around 2.7 crore direct tax demands totalling about Rs 35 lakh crore are being disputed at various legal foras. Finance Minister Nirmala Sitharaman in her Budget speech had said that the government will continue its efforts to simplify taxes, improve taxpayer services, provide tax certainty and reduce litigation while enhancing revenues. Deloitte India Partner Karishma R Phatarphekar said the rules and forms for VSV 2.0 are expected to be published imminently in the coming week. "Given the limited time window, a