Latest news with #VSV
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Business Standard
29-05-2025
- Business
- Business Standard
Need tax resolution scheme for corporates, industry: Sunil Bharti Mittal
Says government must launch Vivad se Vishwas scheme for corporates to release locked funds, backs a uniform 25% tax rate and 'one nation, one election' for economic efficiency Subhayan Chakraborty Delhi The government should introduce a Vivad se Vishwas-style tax scheme for India Inc. to free up the 'lakhs of crores of rupees' currently tied up in corporate litigation, Bharti Enterprises Chairman Sunil Bharti Mittal said on Thursday. Speaking at the CII Annual Business Summit, Mittal also said it was surprising that many corporates had not shifted to the 25 per cent corporate tax rate. Introduced by the government in 2024 to resolve pending appeals in income tax disputes, the VSV scheme should be reimagined for corporate India so that the Centre can secure 'very large amounts of money that can be put to good use now', Mittal stressed. 'Maybe the government will win in 10 years' time and that money may become available to it then. Why not settle it now on the lines of the VSV?' he said, adding that such a step would release the industry from past litigations and allow it to focus on the future. Mittal's comments carry significance given that Bharti Airtel and Bharti Hexacom continue efforts to reduce the ₹43,980 crore in adjusted gross revenue (AGR) dues owed to the Centre. As part of a broader tax reform initiated in 2016–17, the Centre had, through the 2019–20 Budget, extended the simplified 25 per cent rate—provided exemptions were foregone—to all domestic companies with an annual turnover of up to ₹400 crore, up from ₹250 crore. The policy was aimed at benefiting approximately 99.3 per cent of Indian firms, but many have yet to transition to the new regime. 'Let's also get rid of the old fascination with those exemptions and move on to a simplified flat 25 per cent tax rate,' Mittal said. Mittal also argued that India loses valuable economic opportunities during election months each year and called on industry to support the idea of 'one nation, one election'. Need to be reasonable on FTAs On trade, Mittal pointed out that ongoing bilateral talks for free trade agreements (FTAs) with the United States, European Union, and Saudi Arabia were in advanced stages. He urged industry associations not to demand provisions that could complicate the negotiations. 'We should have a reasonable outcome for those markets to open up for Indian companies, as we open our markets,' he said. At the same time, he strongly advocated for import substitution, arguing that every rupee of import saved by manufacturing domestically results in an equal amount of foreign exchange saved. Digital opportunity amid migration barriers Mittal also noted that global openness to immigration was shrinking, despite ageing populations worldwide. 'Our young people, our engineers, our trained professionals—nurses, doctors, teachers—are not going to get as easy access as they've had in the past. Thankfully, the world has moved to a digital medium. From the comfort of their homes in cities or villages, they can now serve the globe,' he said. Focus on job creation and regional potential Addressing a large audience of industry leaders, Mittal emphasised the need to prioritise job creation. 'One and a half million engineers are being produced in the country every year—more than the US and China put together. All of them need to be harnessed. This energy needs to be harnessed,' he said. He also urged industry to invest more in tapping the hydrocarbon potential of India's North-East.
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Business Standard
29-04-2025
- Business
- Business Standard
Final call! Clear your tax disputes under VSV 2.0: Here's how
April 30 is the deadline for taxpayers to resolve pending income-tax disputes under Vivad Se Vishwas (VSV) 2.0. The scheme, launched in October 2024, aims to reduce litigation and expedite revenue collection by offering a structured mechanism for resolving disputes. A Push Toward Efficient Dispute Resolution 'The VSV 2.0 scheme is part of the Indian government's broader push to reduce tax litigation and unlock tied-up revenue,' says Karishma Phatarphekar, partner at Deloitte India. 'It aims to minimise the backlog in courts and foster a more taxpayer-friendly environment.' According to Phatarphekar, the first version of the scheme (VSV 1.0) resolved more than 146,000 tax appeals and helped recover around Rs 1 lakh crore as revenue. The government hopes the second version will yield similar results. Who is eligible for VSV 2.0 According to Phatarphekar, taxpayers are eligible if they have pending disputes as of July 22, 2024, including: Appeals Writ petitions Cases before the Dispute Resolution Panel, provided no final assessment order has been passed Taxpayers have to fill up Form-1 on the Income-Tax Department's website to avail of the scheme. This includes the disputed tax amount and supporting documents such as assessment orders and relevant notices. Why opt in Phatarphekar explains key benefits include: Waiver of interest and penalties Immunity from future proceedings Swift resolution without prolonged litigation However, she warns of tradeoffs. 'Any payment made under VSV 2.0 is non-refundable and once settled, disputes cannot be reopened — a double-edged sword for some.' Avoid Common Pitfalls Phatarphekar explains common errors in applications for the scheme: Miscalculating disputed tax amount Submitting incomplete documentation Missing the scheme's deadline 'Review your case thoroughly,' says Phatarphekar. 'Consult a tax expert, file ahead of time, and ensure all documents are in order.'
CBC
08-03-2025
- Business
- CBC
Group behind downtown Kingston stadium proposal drops plans
Victory Grounds Ventures had pitched multi-sport stadium to woo CPL team The group behind a plan to build a multi-sport stadium at the Memorial Centre in Kingston, Ont., has withdrawn its proposal, the city says. Victory Grounds Ventures (VGV) had pitched a turf field covered by a dome in winter at the downtown site, in the hopes of wooing a Canadian Premier League team and two semi-pro teams. But in a statement Friday evening, the City of Kingston said VSV had withdrawn the proposal "after careful thought and consideration." "This was one of the most robust engagements the City had ever been involved in, with hundreds of people taking time to come forward and share their comments about the proposal," the statement said. The city's statement did not go into details as to why VSV was pulling its proposal. It noted the decision came ahead of a report city staff were expecting to present at a council meeting on March 18. In an email to CBC, VGV managing partner Paul Barbeau said "potential legal issues" were identified during the due diligence process "which unfortunately made this project at the Memorial Centre not feasible." When asked, Barbeau said he could not share details about the issues. Plan was divisive Opinions on the stadium plan were divided, with a petition launched by Annette Burfoot, co-chair of the Williamsville Community Association gathering thousands of signatures. "It's a public space being taken over by private interests, and it's going to have a massive impact on surrounding residents, really disturbing their quality of life," Burfoot told CBC in January. A previous city staff report said the stadium plan would have several impacts on the Memorial Centre Grounds, including moving a popular dog park and losing some sports field uses. Barns used during the Kingston Fall Fair that house the Memorial Centre Farmers' Market in the colder months would also have had to come down to make room for parking, that report said.
CBC
08-03-2025
- Sport
- CBC
Group behind downtown Kingston stadium proposal drops plans
Social Sharing The group behind a plan to build a multi-sport stadium at the Memorial Centre in Kingston, Ont., has withdrawn its proposal, the city says. Victory Grounds Ventures (VGV) had pitched a turf field covered by a dome in winter at the downtown site, in the hopes of wooing a Canadian Premier League team and two semi-pro teams. But in a statement Friday evening, the City of Kingston said VSV had withdrawn the proposal "after careful thought and consideration." "This was one of the most robust engagements the City had ever been involved in, with hundreds of people taking time to come forward and share their comments about the proposal," the statement said. The city's statement did not go into details as to why VSV was pulling its proposal. It noted the decision came ahead of a report city staff were expecting to present at a council meeting on March 18. In an email to CBC, VGV managing partner Paul Barbeau said "potential legal issues" were identified during the due diligence process "which unfortunately made this project at the Memorial Centre not feasible." When asked, Barbeau said he could not share details about the issues. Plan was divisive Opinions on the stadium plan were divided, with a petition launched by Annette Burfoot, co-chair of the Williamsville Community Association gathering thousands of signatures. "It's a public space being taken over by private interests, and it's going to have a massive impact on surrounding residents, really disturbing their quality of life," Burfoot told CBC in January. A previous city staff report said the stadium plan would have several impacts on the Memorial Centre Grounds, including moving a popular dog park and losing some sports field uses. Barns used during the Kingston Fall Fair that house the Memorial Centre Farmers' Market in the colder months would also have had to come down to make room for parking, that report said.
