Budget 2023: Government to launch new dispute resolution scheme, Vivad Se Vishwas 2, says FM Sitharaman

Budget 2023: The Vivad Se Vishwas scheme allows for the settlement of disputed tax, disputed interests, disputed penalty, or disputed fees in connection with an assessment or reassessment order in exchange for payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty, interest, or fee.

Budget 2023: If MSMEs fail to complete contract, small businesses to receive 95% of performance security, says FM - adt

Team Newsable

First Published Feb 1, 2023, 12:03 PM IST | Last Updated Feb 1, 2023, 3:02 PM IST

In her Union Budget announcement, Finance Minister Nirmala Sitharaman said that the government would introduce another dispute resolution scheme, Vivad Se Vishwas 2, to settle commercial disputes. She also added that a one-stop solution for reconciliation and updating individuals' identities would be established.

The Vivad Se Vishwas scheme allows for the settlement of disputed tax, disputed interests, disputed penalty, or disputed fees in connection with an assessment or reassessment order in exchange for payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty, interest, or fee.

Sitharaman also said that 100 labs would be established in engineering institutions to develop applications for 5G services.

With telcos amid 5G deployments, the Indian market is poised for dramatically improved speeds and lag-free videos, with applications ranging from connected ambulances to cloud gaming.

The fifth generation (5G) network would allow full-length high-quality video or movies to be downloaded in seconds to mobile and other devices (even in crowded areas or at mega events).

Superfast speeds (ten times faster than 4G) and low latency connectivity promise to unleash more immersive entertainment, 3D hologram calling, and metaverse experiences, redefining educational applications and how people play or watch sports.

FM Sitharaman said that the government would provide an R&D grant to one of the IITs to encourage indigenous production of lab-grown diamonds to reduce imports. Also, she added that the customs duty on lab-grown diamonds would be reduced.

(With inputs from PTI)

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