Budget 2023 | Govt to bring another dispute resolution scheme Vivad Se Vishwas-2: Finance Minister Sitharaman

The Vivad Se Vishwas scheme was announced under Union Budget 2020 to reduce ongoing legal disputes under direct taxation

February 01, 2023 01:02 pm | Updated 01:02 pm IST - New Delhi

Union Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman | Photo Credit: Kamal Narang

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

The fifth generation or 5G network would allow downloading full-length high-quality video or movie to mobile and other devices in a matter of seconds (even in crowded areas, or at mega events).

Superfast speeds (about 10 times faster than 4G), low latency connectivity, enabling billions of connected devices to share data in real-time, promises to unleash more-immersive entertainment, 3D hologram calling, metaverse experiences, and redefine educational applications, even the manner in which people play or watch sports.

In her Budget speech, Ms. Sitharaman also said the government will provide R&D grant to one of the IITs to encourage indigenous production of lab-grown diamonds in a bid to reduce imports.

She further said adding customs duty on lab-grown diamonds would be reduced.

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