The industries were on the verge to broke as they were sincerely pleading for the reduction in the tax amount of direct taxes at par with the indirect tax rate cut from the previous budget.
The union finance minister Sitharaman met the industry representatives in order to convince them to deposit their due taxes on time which would further help them in escaping the penalty and interest from tax dispute settlement scheme (Vivad se Vishwas Bill)
Know about the tax dispute settlement scheme under the IT act. Under this scheme, taxpayers can settle all disputes before the end of 31st March 2020. Read More
Federation of Indian Chambers of Commerce and Industry (FICCI) reported that the meeting was stuck on the point that the 100 per cent of disputed taxes have to be paid which was opposed by the industry representatives.
While on the other side, a scheme was also on the discussion which would put the liability in half if the pre GST excise and service tax have been paid. As per the recommendation of chamber, the direct tax must be reduced somehow to reduce the burden.
Read Also: All About Penalty of Section 271CA Under Income Tax Act 
Know about the penalty of section 271CA under the Income Tax act. Also, we mentioned penalty provisions & amount, time period, ways to avoid penalties leviable. Read More
As per the Direct Tax Vivad se Vishwas Bill, there is a chance to get rid of interest, penalty and prosecution in any of the issues pending in the commissioner (appeals), Income Tax Appellate Tribunal (ITATs), high courts or the Supreme Court till January 31.
PHD Chamber of Commerce President stated that “scheme will benefit many taxpayers and can generate more than Rs 2 trillion for the government in the coming times if it is broadened and exclusions are minimum under this scheme.”
Also, it is worth noting that the filing of the declaration must be earlier than 31st March. Currently, more than INR 9 trillion is under dispute which is to be paid via taxes.
