/Pre-GST Tax Back Tax Amnesty Scheme Extension

Pre-GST Tax Back Tax Amnesty Scheme Extension

Pre-GST Tax Back Tax Amnesty Scheme Extension

State Finance Minister Devendra Fadnavis has extended the Maha Vikas Aghadi (MVA) government’s amnesty plan to liquidate taxes, interestdelays, fines or surcharges before the implementation of the Tax on goods and services.

In his inaugural speech on the budget, Fadnavis stated that under the Maharashtra Tax, Interest, Penalty or Late Payment Arrears Clearance Act 2023, the government will provide full relief from arrears if the arrears in any year are Rs 2 lakhs or less. according to legal ordinance. He claimed that this will benefit more than one lakh of small traders.

Also, traders with arrears of Rs 50 lakhs or less as per the legal order would pay only 20% of the total arrears, with the remaining 80% to be remitted. According to him, this would benefit about 80,000 cases.

The MVA included the project in its budget for 2021-22. It offered full forgiveness of arrears below Rs 10,000 and benefited around 89,890 instances. A total of Rs 81 crore in outstanding debt was forgiven. In addition, 20,000 non-appealable claims were abandoned by traders to take advantage of the 2022 amnesty policy. A total of Rs 2,234 crore has been raised through this scheme, with an exemption from arrears of Rs 6,947 crore.

The new regime will enter into force from May 1 to October 31, 2023. It will apply to pending delinquency as of May 1, 2023.

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