Budget 2020:Taxation and Governance

News:The Finance minister has announced the Vivad Se Vishwas scheme in Budget 2020-21 that would help in reducing litigation.

Facts:

About Vivaad se Vishwas Scheme:

  • Vivaad se Vishwaas is an amnesty scheme aims at reducing tax litigations pending at various forums.
  • Under the proposed scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by March 31, 2020. 
  • Those who avail this scheme after that will have to pay some additional amount. The scheme will remain open till June 30, 2020. 

Taxpayer Charter:

  • Budget allocated funds to institutionalize a Taxpayer Charter.This is to ensure fairness and avoid harassment in the quest of collecting taxes from the citizens. 
  • Only three countries in the world so far have enshrined the rights of taxpayers, namely Canada, Australia and the US.Through taxpayer charter, India also joins the list.

National Recruitment Agency:

  • Government has announced a National recruitment agency to be set up for all computer based examinations for recruitment in government and public sector banks for non-gazetted posts.

National Policy on Official Statistics:

  • The Government of India will soon unveil a National Policy on Official Statistics.The policy is being prepared as the government is looking to address data quality issues with regard to various surveys.
  • The policy aims at providing timely, credible economic and social data to the people.
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