The Direct Tax Vivad se Vishwas Bill, 2020 was taken up in Rajya Sabha. The Bill introduces Vivad se Vishwas Scheme which incentivises tax authorities and taxpayers to settle pending direct tax disputes before June 30th, 2020.
During the discussion, Members expressed their concerns that the Bill did not address the root causes of high pendency of tax disputes.
They also asked the government to reconsider the Central Board of Direct Taxes circular issued to tax officers to ensure 100% compliance with the Vivad se Vishwas scheme.
The Finance Minister clarified that the targets are for outreach, rather than to bring every taxpayer into the scheme.
The Direct Tax Vivad Se Vishwas Bill is a Money Bill. A Money Bill can only be introduced in Lok Sabha. Once the Bill is passed here, it is sent to Rajya Sabha for recommendations and returned to Lok Sabha. Rajya Sabha's recommendations are not binding on Lok Sabha. If the Bill is not returned by Rajya Sabha within 14 days, it is deemed to have been passed by the Parliament. The motion to return the Direct Tax Vivad Se Vishwas Bill, 2020 to Lok Sabha was passed in Rajya Sabha.
In Lok Sabha, the Demand for Grants for the Ministry of Railways was passed. Subsequently, the Demand for Grants for the Ministry of Social Justice and Empowerment was taken up for consideration.
The business for next week will include discussion and vote on Appropriation Bills and Demand for Grants for the Union Territories of Jammu and Kashmir and Ladakh. Demand for Grants are slated to be discussed in Lok Sabha and the Working of Ministries is listed for discussion in Rajya Sabha.
Lok Sabha is also scheduled to take up the Medical Termination of Pregnancy Bill, 2020 for consideration and passing.