{"id":2728,"date":"2023-02-05T12:32:00","date_gmt":"2023-02-05T07:02:00","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=2728"},"modified":"2025-03-26T00:08:15","modified_gmt":"2025-03-25T18:38:15","slug":"what-is-the-voluntary-settlement-scheme","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-is-the-voluntary-settlement-scheme\/","title":{"rendered":"What is the Voluntary Settlement Scheme?"},"content":{"rendered":"<h2>Why in News:<\/h2>\n<ul>\n<li>The budget 2023-24 has proposed a scheme for settling contractual dispute named Vivad se Vishwas II (Settling Contractual Disputes).<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>About Voluntary settlement scheme:<\/h3>\n<ul>\n<li>It is introduced <strong>to settle contractual disputes of government and government undertakings; wherein arbitral award is under challenge in a court.<\/strong><\/li>\n<li>This will be <strong>done by offering graded settlement terms<\/strong> depending on pendency level of the dispute.<\/li>\n<li>Under the scheme, <strong>voluntary option is given to the private sector<\/strong> to come into the scheme or not.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Vivad Se Vishwas Scheme:<\/h3>\n<ul>\n<li>It is a <strong>direct tax scheme<\/strong> introduced by the Government of India in 2020<strong>for settling disputes between taxpayers and the income tax department.<\/strong><\/li>\n<li>It <strong>aims to minimize tax-related litigation.<\/strong><\/li>\n<li>Under this scheme<strong>, an individual taxpayer can claim full waiver on interest and penalty on the full<\/strong> and final <strong>settlement of the disputed tax amount.<\/strong>\u00a0<\/li>\n<li>There was a <strong>time limit<\/strong> set for the payment of taxes under the scheme.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1) What is a contractual dispute?<\/h3>\n<p>A contractual dispute is a disagreement between parties to a contract about the performance, terms, or implementation of that contract.<\/p>\n<p><strong>Source:\u00a0<\/strong><a href=\"https:\/\/www.thehindu.com\/business\/budget\/budget-announces-voluntary-settlement-scheme-to-end-commercial-disputes-involving-government-and-its-undertakings\/article66459164.ece\" target=\"_blank\" rel=\"nofollow noopener\"><u>Budget announces \u2018voluntary settlement scheme\u2019 to end commercial disputes involving government and its undertakings<\/u><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Voluntary settlement scheme aims to settle contractual disputes of government and government undertakings.<\/p>\n","protected":false},"author":5,"featured_media":2729,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-2728","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/2728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=2728"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/2728\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/2729"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=2728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=2728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=2728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}