3M India Seeks To Settle Tax Disputes Under Vivad Se Vishwas Scheme, Expects ₹1.2 Billion Liability

3M India announced late Saturday that it is looking to settle tax litigation for the period between 2004-05 and 2013-14 under the Direct Tax Vivad Se Vishwas Scheme. If accepted by the government, the company expects a one-time tax liability of around ₹1.2 billion, which will be accounted for as a tax expense in 2024-25, the company said in an exchange filing. These tax disputes are currently disclosed as contingent liabilities.

Following the settlement, the total cash outflow is expected to be around ₹430 million. The Vivad Se Vishwas Scheme aims to simplify the resolution of pending income tax litigation and allows taxpayers to settle disputes by paying a specified portion of their outstanding dues.