The government has set October 1 as the launch date for the Vivad Se Vishwas 2.0 scheme, aimed at resolving certain income tax disputes pending appeal.
Originally announced in the Budget 2024-25 presented in July, the scheme seeks to address approximately 2.7 crore direct tax demands totalling around ₹35 lakh crore disputed across various legal forums.
In a notification, the finance ministry confirmed, "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."
Finance Minister Nirmala Sitharaman emphasised in her Budget speech the government's commitment to simplifying taxes, enhancing taxpayer services, providing tax certainty, reducing litigation, and increasing revenue.
Karishma R. Phatarphekar, a partner at Deloitte India, indicated that the rules and forms for VSV 2.0 are expected to be released imminently. "Given the limited time window, an informed decision on opting for the scheme should be made promptly," she advised.
Taxpayers with pending disputes or appeals, including writs and special leave petitions filed by either the taxpayer or tax authorities as of July 22, 2024, can utilise the scheme. This includes cases pending before the Supreme Court, high courts, the Income Tax Appellate Tribunal, and other relevant authorities.
The first Vivad Se Vishwas scheme, launched in 2020, saw approximately 1 lakh taxpayers participate, generating ₹75,000 crore in tax revenue for the government.
Follow us
