Commercial tax department issued order for settlement of disputes of 4000 crores; The scheme will remain in force till 26 December, 2020
- | Wednesday | 30th September, 2020
The MP government has come up with a One Time Settlement (OTS) scheme to settle ongoing tax disputes under the VAT Act of 2017. This scheme will remain in force till 26 December, 2020.
The MP government has come up with a One Time Settlement (OTS) scheme to settle ongoing tax disputes under the VAT Act of 2017. This scheme will remain in force till 26 December, 2020.
According to the state government, VAT disputes of about 4000 crores are currently going on in the tribunal. This will benefit the 1.5 lakh VAT dealer in Madhya Pradesh. The state government has initially estimated to get Rs 100 crore from it.
According to the order issued by the Commercial Tax Department, due to non-receipt of Form-C, Form-F and Form-H to be issued by other buyers to many suppliers in the Central Sales Tax (CST), many suppliers get up to 14% instead of 2%. Tax was imposed. Penalty at the rate of 10% was also levied for non-deposit of dues. Now these suppliers will be able to avoid the entire tax liabilities by paying only 10% of the outstanding tax and interest.
However, the cases of tax disputes in which the department has filed cases in the court against the traders themselves, against whom the raid was taken or those whose vehicles were caught, the traders will not be able to avail the scheme.
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