Finance Minister Nirmala Sitharaman on Monday met industry representatives on the proposed direct tax dispute resolution scheme that provides opportunity to taxpayers to pay outstanding taxes and get waiver of interest and penalty.
With over ₹9 lakh crore worth direct taxes locked up in litigation, the government last week introduced ‘Direct Tax Vivad se Vishwas Bill, 2020’ in the Lok Sabha.
Once passed by Parliament, the scheme would be notified and rules would be framed. “During the meeting, industry associations gave their suggestions for the scheme,” a source said.