Waiver of outstanding interest and penalty scheme of UP Commercial Tax Department
As per the Notification issued in this regard, the waiver scheme shall apply to pending demands /penalty arising out of all orders passed till 31.03.2019.
The Scheme applies to all orders passed under U.P. Trade Tax Act 1948, Central Sales Tax Act, 1956, U.P. Entertainment & Betting Tax Act 1979, U. P. Entry Tax 2007, U.P. VAT Act 2008 and U.P. Cable Television Network (Exhibition) Regulation 1997.
The Scheme shall remain in force till the end of three months from the date of Government Order.
The Government Order issued in this respect states that due to the waiver scheme, the traders shall be able to devote their attention to GST because they shall be given opportunity of interest waiver and exemption from any coercive action. The biggest attraction of the Scheme is that on payment of due tax they will get relief from interest and penalty.
It is estimated that the benefit of the said Scheme can be availed by 3,23,439 traders who owe 23457.96 crores outstanding tax. Also arrangements are made to give option of instalment payment (EMI) for the monthly payment of tax.
It has been clarified that the exemption from penalty shall be restricted to only those penalty levied due to non payment of outstanding tax and shall not apply to any other penalty.
Traders who pay the due/outstanding tax shall be issued a No Dues Certificate on the condition that if in future it is found that the trader has supressed its turnover/caused loss to the Revenue, then immunity shall be withdrawn.
All the application for the Interest Waiver Scheme shall be made only through the Departmental Portal only. For small traders, facility shall be provided at local office level.
Amount to be waived based on amount of due tax paid shall be as under:
Credit in assessee’s capital account consequent to book entry adjustments in the books of the partnership firm can not be…
Non-compliance of summons issued u/s 131 by investing companies is no ground to make addition under section 68 of the…
Assessee not obliged to demonstrate actual utilization of donation u/s 35(1)(ii) for scientific research made to an eligible institution In…
Phrase "genuineness of activities" has been interpreted liberally by various judicial forums including the ITAT and High Courts - ITAT…
If assessing officer rejects a reply, he had to offer an opportunity of personal hearing to the assessee– Allahabad High…
Business decisions such as withdrawal and redeposit of cash fall within the domain of commercial expediency and AO cannot substitute…