In an effort to resolve the commercial dispute, Finance Minister Nirmala Sitharaman came up with the Vivad se Vishwas scheme in the union budget of 2023. This is a significant initiative taken by the government to resolve long pending disputes related to direct tax.
This scheme will provide for disputed tax, disputed penalty, disputed interest and disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 percent of the disputed penalty or interest or fee.
Apart from this scheme 2023 budget has set aside a significant portion of its allocation for the development of digital infrastructure and financial technology. Digilocker will provide individuals and businesses with a convenient way to store, access, and share digital documents. The government’s investment in the development of this platform will help to promote the use of digital financial services, increase the accessibility of financial services for everyone, and improve the security of digital transactions.