Context:
The Union government introduces ‘Vivad se Vishwas II’ scheme for resolving contractual disputes.
About Vivad se Vishwas II:
- Launched in 2023.
- Objective – To effectively settle the pending contractual disputes of government and government undertakings.
- Ministry – Ministry of finance.
- Applies to all domestic contractual disputes involving the Indian Government or organisation working under it.
About Vivad Se Vishwas scheme:
- Launched in 2021.
- Ministry – Ministry of finance.
- Objective –Toreduce outstanding IT litigation, ensure timely government income, and benefit taxpayers.
- Entities opting for the scheme must pay requisite tax – tax department closes all litigation and drops penalties against them.
About Central Board of Direct Taxes:
- Statutory authorityunder Central Board of Revenue Act, 1963.
- Administered by – Department of Revenue, Ministry of Finance.
- Composition: Chairman + 6 members
- Responsibilities –
- Formulation of policies
- Matters related to levy and collection of direct taxes
- Supervision of the entire Income Tax Department
Source: The Hindu
Previous Year Question
Which one of the following is not a feature of “Value Added Tax”?
[UPSC Civil Services Exam – 2011 Prelims]
(a) It is a multi-point destination-based system of taxation.
(b) It is a tax levied on value addition at each stage of transaction in the production-distribution chain.
(c) It is a tax on final consumption of goods or services and must ultimately be borne by consumer.
(d) It is basically subject of the central government and state government are merely facilitator for its successful implementation.