The Maharashtra government has announced that thay have waived Rs 27,000 Crore Goods and Service Tax ( GST ) under amnesty scheme. March 31 is the deadline to avail of the scheme and settle dues without any additional charges. The businesses and taxpayers ca make use of the scheme.
The state is expecting about 1.14 lakh applications from taxpayers who are involved total disputed amount under GST. Rs 27,000 crore out of the Rs54,000 crore in disputed dues pertains to the core tax and another Rs 27,000 crore is in penalties and interest.
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As per the report, among the disputed amount, Rs 27, 000 Crore comprised of the interest and penalities will be waived off. This scheme is introduced to address pending tax dues under various state acts, including GST. It also waives off interest, penalty, and late fees, either partially or entirely, depending on the case. The waiver is aimed at settling tax disputes and reducing the financial burden on businesses.
Taxpayers with pending tax dues for specified periods are eligible for benefit under the scheme. This scheme act as a crucial relief to businesses, offering a much-needed financial respite. The Maharashtra government is planning to make awareness campaigns to inform about the benefit of scheme to the taxpayers, legal professionals, chartered accountants and the general public.
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