There are a lot many things happening simultaneously along with the Vivaad se Vishwas scheme. Today, the Govt announced an INR 1.7 lacs crore package to tackle the coronavirus pandemic primarily to benefit the financial crisis expected due to completely shut down through India. There are various schemes like:
1. 2. 5 kg rice/wheat to each poor for the next three months for free.
2. PM Gareeb Kalyan Scheme will entail Rs 1.7 lakh crore for the poor.
3. Under the cash transfer 8 specific announcements have been made for the following:
c) Poor widows, pensioners, and Divyang
d) Jan Dhan Yojana
e) Women receive benefits under Ujjwala scheme
f) SHG groups
g) Organised sector workers
h) Construction worker
4. For farmers: Rs 2,000 for each farmer to be frontloaded—right here and now 8.70 crore Kisan (farmers) to get it before April first week.
5. Under PM Garib Kalyan Yojana for organised sector Govt of India will pay the EPF contribution of both the employer and employee ( 12%+12%) i.e 24 per cent for the next three months for those establishments which have up to 100 employees and 90 per cent of them earning less than Rs 15,000.
6. EPFO regulations will be amended to allow workers under EPFO to draw up to 75% of their non-refundable advance or 3 months of wages, whichever is lower.
These schemes are going to create a big hole on the economic front however they are much required also.
Our VSV part 4 is out:
Question & Answer by CA Nitin Kanwar on issues and its applicability
Coverage in Part-4
1. Sab ka Vishwas viz-a-viz Vivaad se Vishwas
a. Why there are no discounts in tax amount in this scheme unlike Sabka Vishwas Scheme of indirect tax scheme?
b. What is the difference between omission and repeal of the section or Act and applicability of Section 6 of the General Clauses Act?
c. Whether any notices under service tax can be issued now for the first time for any enquiry or investigation, what is the impact of Sec173 & 174 of CGST Act?
Important Issues in VSV Scheme
2. Can you make an application multiple times, when the previous one is rejected?
3. What if the tax return is wrongly paid? Can’t you claim a refund of excess amount paid?
4. Which forum or cases which are not covered for this scheme?
5. How much amount is to be paid in different scenarios?
6. Is there any exception that you have to pay half of the amount, even if you are in appeal?
7. How have the formulae of calculating tax amount been rationalised?