Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ACCOUNTING STANDARD :: cpt :: form 3cd :: list of goods taxed at 4% :: VAT Audit
 
 
News Headlines »
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act

6-month amnesty scheme for sales tax offered in state
March, 26th 2016

Maharashtra has announced an amnesty scheme for pending sales tax dues, which will be open for six months, starting April 1. The scheme hopes to clear the backlog of appeals in courts and garner revenue locked up in appeal cases. The state government expects to garner Rs 700 crore from the scheme.

An amnesty scheme, open during the same period, has also been announced for profession tax. In this case, the state hopes to bring on the tax rolls those who have not registered earlier.

Experts said the amnesty scheme for sales tax dues may not have many takers. "The scheme is not likely to be beneficial as it applies only in cases where sales tax is disputed in appeal and recovery has been stayed. The dealer also has to withdraw the appeal filed by him," Sunil Gabhwalla, an indirect tax expert, said.

The relief which is to be provided under the sales tax amnesty scheme varies with the age of the pending dispute. For periods before April 1, 2005, if the dealer pays the disputed tax in full, the corresponding penalty and interest is proposed to be waived. For periods between April 1, 2005 and March 31, 2012, the dealer will have to pay the disputed tax amount and 25% of the disputed interest.

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.

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," Gabhwalla added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions