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    Published On : Fri, Jul 8th, 2016
    Business News | By Nagpur Today Nagpur News

    Take the benifit of the amnesty scheme under Maharashtra VAT and allied acts: Jain

    CA jain
    Nagpur:
    A talk was organized by VIA Tax & Corporate Law Forum along with Vidarbha Tax Practitioners Association (VTPA).

    CA Shailendra Jain began his talk by presenting the backdrop under which the scheme is presented. He has highlighted the various laws of state Government to which the present scheme would be applicable.

    CA. O.S. Bagadia, Vice President of VIA welcomes the guest and appealed the industrialist to take the benefit of the scheme. He opined that the present scheme would be able to garner revenue for the state government and would also help the litigation burden of the government.

    CA Shailendra Jain informed the gathering that the amnesty is available where a dealer who has filed an appeal and the recovery of disputed dues is stayed by the appellate authority. For availing the benefit, the dealer withdraws the appeal then he can avail the amnesty scheme. Amnesty is made available for the periods before 1st April 2005, in case the dealer wish to pay the pending tax in full, then the corresponding interest and penalty shall be waived for him and for the period from 1st April 2005 to 31st March 2012, if a dealer pays the pending tax amount and 25% of disputed interest, the corresponding balance interest and penalty shall be waived off. Amnesty scheme can be enjoyed partially also for few issues pending in appeal, he informed.

    This scheme is applicable from 1st April 2016 to 30th September 2016 only in Maharashtra and to the dealers in Maharashtra registered under the MVAT act 2002.

    He further highlighted the Conditions for wavier with case study and also about the arrears amount that can be covered and the extent of waiver possible. For each statutory order a separate application must be made by the applicant under the relevant act, he informed.

    The profession tax amnesty scheme is expected to attract many professionals who were ignorant of their legal obligation to pay the tax, which is Rs 2,500 per year, he opined. Professionals such as doctors, architects, lawyers and chartered accountants who have not yet enrolled and who come forward during the amnesty period will cough up a lower tax outgo. Under the profession tax amnesty scheme the tax and penalty (maximum of 50% of the tax or Rs 1,250 per year) will be payable only for the past three years, instead of eight years. “As stringent action is on the anvil for evaders on expiry of the scheme, professionals should take advantage of the amnesty window.”

    At the outset, the speaker CA Shailendra Jain was welcomed by O.S. Bagadia, Vice President – VIA. The workshop began with introductory remarks by CA. Naresh Jakhotia, Joint Secretary – VIA & Adv. Narendra Jha, President VTPA gave a concluding remark & proposed a formal vote of Thanks.

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