Centre might extend Vivad se Vishwas scheme to settle Cairn Energy tax case: Report – News 24-7 Live News 24-7 Live
Centre might extend Vivad se Vishwas scheme to settle Cairn Energy tax case: Report

Centre might extend Vivad se Vishwas scheme to settle Cairn Energy tax case: Report

In December 2020, a Dutch tribunal had ruled that the Indian government should pay damages worth $1.2 billion to Cairn Energy.

The central government might extend Vivad Se Viswas, the direct tax resolution scheme, after March 31 if Cairn Energy wishes to settle the retrospective tax dispute through it.

During a meeting with finance ministry officials in February, the Edinburgh-based energy major was offered an immediate refund of $300 million if it chose to settle the tax dispute under the Vivad Se Vishwas scheme, Business Standard reported.

Under the scheme, the principal tax demand on Cairn will be reduced by half to Rs 5,100 crore, and interest and penalty will be waived, the report said.

The government has also offered to return the 1.8 percent company shares it had seized, the report said. According to the proposal, since the government had sold Cairn Energy shares worth Rs 6,500 crore, it will refund the remaining amount.

Moneycontrol could not independently verify the story.

News Source:- Money Control

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