Launch of the Vivad se Vishwas I – Relief for MSMEs initiative to reimburse 95% of the money forfeited during Covid.
The Indian Government has launched a new scheme called the “Vivad Se Vishwas-I” to provide relief to Micro, Small, and Medium Enterprises (MSMEs) that have been adversely affected by the COVID-19 pandemic. Under this scheme, MSMEs can get a refund of 95% of the amount deducted by the tax authorities during the pandemic period, provided they drop any pending tax disputes.
This move is in line with the Government’s efforts to support MSMEs, which have been severely impacted by the pandemic. MSMEs account for a significant portion of India’s economy and are major employers in the country. The pandemic has resulted in a decline in their revenues, making it difficult for them to pay taxes.
The “Vivad Se Vishwas-I” scheme aims to provide relief to MSMEs by helping them recover the amount deducted by the tax authorities during the pandemic period. The scheme is open to all MSMEs, and they can benefit from it by dropping any pending tax disputes.
To avail of the benefits of the scheme, MSMEs need to file a declaration with the tax authorities, stating their intention to take advantage of the scheme. The scheme is expected to benefit a large number of MSMEs in the country, providing them with the much-needed relief during these trying times. The Government’s move to launch this scheme has been welcomed by the MSME sector, which has been struggling to survive in the face of the pandemic-induced economic slowdown.
The “Vivad Se Vishwas-I” scheme is a welcome relief for MSMEs in India, which have been hit hard by the COVID-19 pandemic. The scheme is expected to help MSMEs recover a significant amount of money that was deducted by the tax authorities during the pandemic period, providing them with the much-needed financial cushion to survive the economic downturn.
