Tax experts want extension of VAT assessment period

  • | Thursday | 7th December, 2023

Indore: In Madhya Pradesh around 4500 VAT assessments of the financial year 2021-22 have to be completed by December 2023.With just 18 official days left for assessments before the assessment period expires on December 31, 2023, tax consultants have urged an extension of the last date to avoid demand notices. Madhya Pradesh Tax Law Bar Association, MP and Commercial Tax Practitioners Association have demanded the government to extend last date for VAT assessment to June 30, 2024. Madhya Pradesh Tax Law Bar Association president AK Lakhotia said, With just 18 official days left in the month, assessing 4500 cases will not be practical. Time barring these cases may result in raising demand worth thousands of crores. Tax experts in a memorandum to SGST commissioner have urged to extend the deadline considering the volume of VAT cases in the state. They said, assembly elections in November and training of officials had slowed down the assessment of VAT cases resulting in a long list of cases due for assessment by December-end.Commercial Tax Practitioners Association president advocate Devendra Jain said, We have also suggested the department to introduce a deemed scheme for VAT cases and this will be a win-win situation for both the taxpayer and the department. We also published the following articles recentlyCyclone Michaung: Defence minister Rajnath Singh to visit Chennai on Thursday to assess flood situationDefence Minister Rajnath Singh will visit Tamil Nadu to assess the flood situation caused by Cyclone Michaung. He will meet Chief Minister M K Stalin and undertake an aerial survey of the flood-hit areas. Singh will be accompanied by Union home ministry officials, Union minister L Murugan, Tamil Nadu finance minister Thangam Thennarasu, and chief secretary Shiv Das Meena. They will discuss the devastation caused by the cyclone and the relief work carried out by the state.90 newly elected MLAs out of 230 in Madhya Pradesh have criminal cases, says ADR reportADR report reveals that 39 percent of newly elected MLAs in Madhya Pradesh have criminal cases against them. Out of the 90 MLAs with criminal cases, 51 are from BJP, 38 from Congress, and 1 from Bharatiya Adivasi Party. The report also highlights that 89 percent of the MLAs are crorepati, with 144 from BJP and 61 from Congress. The richest MLA in the state is BJPs Chetanya Kasyap with over Rs 296 crores. Only 12 percent of the winning candidates are women.2023 Madhya Pradesh assembly polls result: 10 biggest and 10 narrowest winsThe BJP had a big win in the Madhya Pradesh assembly elections, surpassing the Congress led by prominent leaders Kamal Nath and Digvijay Singh. The BJP won 137 seats and is leading in 28 more, demonstrating their strength in Madhya Pradesh politics. Union ministers Narendra Singh Tomar and Prahlad Singh Patel won their respective seats, while Faggan Singh Kulaste lost to the Congress candidate. The BJPs performance in these elections solidifies their position in the states politics.

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