Indirect Tax Dispute Resolution Scheme enables settlement of pending tax appeals on payment of dues, interest and reduced penalty.

The Indirect Tax Dispute Resolution Scheme 2016 allows settlement of disputes pending before the Commissioner (Appeal) as on the cutoff by payment of tax dues with interest and a reduced penalty for eligible declarations filed by the prescribed date, providing finality for those appeals. Amendments to the Reserve Bank of India Act create a statutory Monetary Policy Committee, mandate government determination of an inflation target in consultation with the Bank, set member terms, require the Bank to supply information to the Committee, and to publish implementation guidance and a twice-yearly Monetary Policy Report with inflation sources and forecasts.

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