VAT Amnesty Scheme announced by Delhi govt
19 Sept 2013 6:04 AM IST
A comprehensive VAT Amnesty Scheme was announced by Delhi government on Wednesday. Giving details of the scheme, chief minister and finance minister Sheila Dikshit, stated that the scheme is aimed at encouraging both registered and unregistered dealers to voluntarily disclose their outstanding tax dues for the period ending on 31 March 2013.
 This tax liability is to be discharged without levy of any penalty and without fear of criminal prosecution. Substantial relief has also been offered on the interest payment, she added.
The Amnesty Scheme will cover all outstanding tax dues, even for the erstwhile sales tax regime. The dealers will need to self-declare and pay 50 per cent of admitted tax by 31 January, 2014 and the balance by 21 March, 2014.
Under the scheme, builders can also settle their tax dues by paying a lump sum turnover tax at 3 per cent and one per cent in case the value of land is included in total cost of the project.
‘The scheme will go a long way in offering amnesty to even dealers to whom notices for assessment or audit has been issued. Those against whom assessment orders have been served or who have filed objection and appeal at various forums and courts will also be covered,’ Dikshit said.
She said that the scheme will not only encourage dealers to voluntarily declare their tax dues but also help liquidate a large number of pending objections and appeals.
The government has also decided to ensure expeditious disposal of refunds.
Department of Trade and Taxes of Delhi government has offered to pay the refunds claim of up to Rs one lakh by 31 October.
 This tax liability is to be discharged without levy of any penalty and without fear of criminal prosecution. Substantial relief has also been offered on the interest payment, she added.
The Amnesty Scheme will cover all outstanding tax dues, even for the erstwhile sales tax regime. The dealers will need to self-declare and pay 50 per cent of admitted tax by 31 January, 2014 and the balance by 21 March, 2014.
Under the scheme, builders can also settle their tax dues by paying a lump sum turnover tax at 3 per cent and one per cent in case the value of land is included in total cost of the project.
‘The scheme will go a long way in offering amnesty to even dealers to whom notices for assessment or audit has been issued. Those against whom assessment orders have been served or who have filed objection and appeal at various forums and courts will also be covered,’ Dikshit said.
She said that the scheme will not only encourage dealers to voluntarily declare their tax dues but also help liquidate a large number of pending objections and appeals.
The government has also decided to ensure expeditious disposal of refunds.
Department of Trade and Taxes of Delhi government has offered to pay the refunds claim of up to Rs one lakh by 31 October.
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