The Telangana government has started the Telangana State One-Time Settlement Scheme 2022 to relieve the locked-up revenue.
According to the Commissioner of Commercial Taxes, Telangana, Hyderabad, there would be an arrear amount of nearly Rs 3000 cr due in several stages of litigation, and the amount is not able to recover.
The state government has presented a one-time settlement scheme to settle the disputed taxes beneath the legacy acts like the Andhra Pradesh General Sales Tax Act, 1957, the Telangana Value Added Tax Act, 2005; the Central Sales Tax Act, 1956; and the Telangana Entry of Goods into Local areas act, 2001.
Towards the settlement of the tax disputes under the scheme, each year of assessment will be a different unit and 100% of the undisputed tax would be subjected to pay.
Beneath the Andhra Pradesh General sales tax, 40% of the balance tax shall be collected via dealers and the left 60% of the demand gets exempted.
Beneath the value-added tax and the central tax, 50% of the balance tax would be accumulated via a dealer and the left 50% of the demand would get exempted.
Beneath the entry tax on motor vehicles and goods, 60% of the balance tax shall be collected through dealers and the left 40% of demand shall be exempted. Via the online module, a One-Time Settlement of Tax Arrears shall be performed.
Through the online form, a dealer should apply for the scheme. When there is no business run by the dealer he would apply offline in the corresponding jurisdictional circle/STU.
A three-member committee consisting of AC (ST) of Circle, DC (ST), and JC (ST) of the division would verify the application. The committee would provide a confirmation letter to the petitioner by accepting rejecting or editing the proposal of the petitioner.
On receipt of the confirmation letter, the petitioner shall make the payment and submit the payment information with the needed documents and the application towards the withdrawal of the petition wherever it would be subjected to apply.
The proceedings for the settlement of the balance tax, penalty, or interest would be provided after the realisation of the total tax subjected to pay and the disposal of the case as withdrawn by the corresponding legal forum.
Read Also: Full Guide to Online Tax Dispute Resolution Scheme with Benefits
Towards the amounts subjected to pay is more than Rs 25 lakhs, an installment utility shall be given without any interest for up to 4 equal monthly installments. The bank interest rates shall be subjected to apply towards those asking for more installments.
The state government of Maharashtra, Karnataka, Kerala, Bihar, and West Bengal has initiated a one-time settlement scheme for the disputed taxes.
