In February, representatives of Cairn Energy met with officials of the Ministry of Finance. The government had said that it should settle its cases under the trust scheme by dispute.
The case is worth 10,427 crore rupees.
Due to the controversy, the deadline of Vivad se Vishwas scheme is ending today. According to the Business Standard report, the government can increase the deadline of this scheme. In the report, quoting trusted sources, it has been claimed that the government can do this to resolve the tax dispute with Cairn Energy. If Cairn Energy wants to resolve the retrospective tax dispute with the government, then the government is ready to increase the deadline of the scheme. This case is worth 10,427 crore rupees.
According to the report, in February, representatives of Cairn Energy had a meeting with officials of the Ministry of Finance. In that meeting, the government had offered the company that if it wants to settle the matter under the trust scheme by dispute, then the company will get $ 300 million i.e. about 2100 crores rupees in the form of refunds.
Government ready to forgive a lot
According to the report, under this scheme, the government will reduce the principal tax amount to Rs 5100 crore. Apart from this, interest and penalty will be waived. The government has also given assurance to the company that if it falls under this scheme, the 1.8 per cent share that was seized will be released by the government as well. The government had sold Cairn Energy’s share for Rs 6500 crore. In such a situation, she will return the rest.
Conflict of faith scheme is the only way
The government official told Business Standard clearly that if Cairn Energy wants to solve this problem immediately, then it should take advantage of the trust scheme from the dispute. If the company wants this, then the deadline of the scheme will be extended, which is currently till March 31.
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