Taxation Law amendment Bill passed, tax-payers to breathe sigh of relief

Kolkata: The West Bengal Taxation Laws (Amendment) Bill, 2018, has been passed in the Assembly on Wednesday and is set to provide relief to tax-payers through settlement of disputes.

Around 20,000 to 25,000 businessmen will be benefitted by the same, as the pending tax related disputes will get settled and at the same time, it will generate revenue for the state government.

It will provide relief for tax-payers by "introduction of a comprehensive scheme for settlement of disputes, involving all types of arrear tax, interest, penalty or late fee under the relevant Acts, pending before any authority on October 31 and it will be with respect to any period ending on or before June 30, 2017, for which assessment, audit, special audit, etc. have been made or appeal or revision or review petition has been filed, or a notice or order has been issued regarding payment of tax, interest, late fee or penalty."

It will also provide relief to the tax-payers through settlement of disputes, "if an application is made on or before January 31 in 2019, on payment of 100 percent admitted tax under the West Bengal Tax on Entry of Goods into Local Areas Act, 2012, or under any of the other relevant Acts. The settlement would also be possible on payment of 35 percent of the arrear tax in dispute, or 40 percent of the arrear tax in dispute, if paid in instalments. Again, by paying 50 percent of the amount of penalty payable, in case of penalty for evasion of tax, as the case may be or the actual amount paid with respect to such arrear in dispute, whichever is higher and there will be complete waiver of arrear late fee, other penalty and interest in dispute."

While speaking about the Bill, the state Finance minister Amit Mitra said: "The government has written to the Centre demanding white paper in

connection with the issues related to the Goods and Services Tax (GST). But there was no reply. We will write to the Centre again in this connection."