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TS rolls out OTS to resolve commercial tax disputes
Representational image
Scheme permits traders to pay tax dues above Rs 25 lakh in instalments. They can pay dues in four instalments without interest. Bank interests will be applied for those seeking more instalments. The scheme will be executed through an online module only
Hyderabad: As the State government is struggling to meet its financial requirements, it has introduced 'Telangana State One Time Settlement Scheme' to generate some revenues in the next two months. Under the scheme, disputes on payment of commercial taxes pending between the government and traders will be resolved at one go. Tax disputes involving around Rs 3,000 crore are pending before the government.
The scheme permits traders to pay tax dues above Rs 25 lakh in instalments. They can pay dues in four instalments without interest. Bank interests will be applied for those seeking more instalments. The scheme will be executed through an online module only.
A trader can apply for the scheme through online between May 16 and June 30. Scrutiny of the application for confirming arrears and intimation will be completed between July 1 and 15.
The scheme will help dealers pay 40 per cent of balance tax and remaining 60 per cent of demand will be waived under the Andhra Pradesh General Sales Tax. Under Value Added Tax and Central Sales Tax – 50 per cent of balance tax will be collected and remaining 50 per cent of demand will be waived.
With regard to entry tax on motor vehicle and goods, 60 per cent of balance tax will be collected; remaining 40 per cent will be waived, officials said. Provisions of the scheme will be applied to all registered and unregistered dealers.
