AC offers amnesty to settle tax arrears of pre GST regime

Srinagar, Dec 27: The Administrative Council (AC) which met right here below the chairmanship of the Lieutenant Governor, Manoj Sinha accepted a proposal of the Finance Division for granting amnesty for settlement of Tax arrears pertaining to pre GST regime.

Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor; Atal Dulloo, Chief Secretary; Mandeep Kumar Bhandari, Principal Secretary to Lieutenant Governor attended the assembly.

This step goes to offer aid to the tax payers within the type of waiver of curiosity and penalty moreover restoration of the blocked income to the Authorities.

Earlier all sellers couldn’t take good thing about erstwhile amnesty scheme issued vide Govt. order no. 39-FD of 2018 dated 05/02/2018 because of varied causes together with Covid-19 pandemic.

As such, giant no. of representations have been obtained from the commerce/business sector for granting a onetime alternative to the sellers for settlement of the excellent arrears below the pre GST tax legislations.

The amnesty Scheme supplies aid to sellers on following phrases:-

i) 100% waiver of penalty and curiosity below J&Okay Common Gross sales Tax Act, 1962, and Central Gross sales Tax Act, 1956, for evaluation/ re-assessment as much as 2017-18 (07/07/2017 for all and 31/08/2017 for liquor sellers).

ii) 100% waiver of penalty and curiosity below J&Okay Worth Added Tax Act, 2005, and Central Gross sales Tax Act, 1956, for assessments as much as 2017-18 (07/07 /2017).

iii) Waiver of curiosity and penalty in (i) and (ii) topic to 100% cost of principal Tax within the method and inside the prescribed time as per the scheme to be notified by the Authorities.

iv) Settlement of calls for for Industrial Items below repealed J&Okay Worth Added Tax Act, 2005 (as much as 2017-18) (upto 07/07/2017), J&Okay Common Gross sales Tax Act, 1962 (as much as 07/07/2017 and 31/08/2017 for liquor-dealing models), and Central Gross sales Tax Act, 1956, in respect of assessed/ re-assessed calls for together with but to be assessed instances with sure circumstances to be notified within the scheme.

This determination on the a part of authorities will consequence into minimising of tax dispute instances and winding up of pre-GST instances and so on. The time restrict for receiving the purposes for this amnesty is not going to be greater than six months from the date an order is issued on this regard.