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With reference to the “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period, consider the following statements:
  1. The scheme was announced in the Union Budget 2023-24 
  2. The scheme is modelled on a similar 'Sabka Vishwas Scheme' for indirect taxes announced in 2019.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
With reference to the “Vivad se VishwasI – Relief to MSMEs...
The Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period.
  • The scheme was announced in the Union Budget 2023-24 
  • The scheme is modelled on a similar 'Sabka Vishwas Scheme' for indirect taxes announced in 2019.
  • The scheme provides for settlement of disputed tax, interest, penalty etc. and grant immunity from any proceeding for prosecution for any offence under the Income-tax Act in respect of matters covered in the declaration.
  • Under the scheme, Ministries have been asked to refund performance security, bid security and liquidated damages forfeited/ deducted during the COVID-19 pandemic. Certain relief has also been provided to MSMEs debarred for default in execution of contracts during the COVID-19 period.
  • The Ministry of Finance, through this scheme, decided to give following additional benefits to eligible MSMEs, affected during the COVID-19 period:
  • 95% of the performance security forfeited shall be refunded.
  • 95% of the Bid security shall be refunded.
  • 95% of the Liquidated Damages (LD) deducted shall be refunded.
  • 95% of the Risk Purchase amount realized shall be refunded.
  • In case any firm has been debarred only due to default in execution of such contracts, such debarment shall also be revoked, by issuing an appropriate order by the procuring entity.
    • However, in case a firm has been ignored for placement of any contract due to debarment in the interim period (i.e. date of debarment and the date of revocation under this order), no claim shall be entertained.
  • No interest shall be paid on such refunded amount.
Hence both statements are correct.
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With reference to the “Vivad se VishwasI – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period, consider the following statements: The scheme was announced in the Union Budget 2023-24 The scheme is modelled on a similar Sabka Vishwas Scheme for indirect taxes announced in 2019.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to the “Vivad se VishwasI – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period, consider the following statements: The scheme was announced in the Union Budget 2023-24 The scheme is modelled on a similar Sabka Vishwas Scheme for indirect taxes announced in 2019.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about With reference to the “Vivad se VishwasI – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period, consider the following statements: The scheme was announced in the Union Budget 2023-24 The scheme is modelled on a similar Sabka Vishwas Scheme for indirect taxes announced in 2019.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the “Vivad se VishwasI – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period, consider the following statements: The scheme was announced in the Union Budget 2023-24 The scheme is modelled on a similar Sabka Vishwas Scheme for indirect taxes announced in 2019.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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