CA Shailendra Jain conducted the session on “Settlement of dispute scheme under MVAT and CST”, which was organised by VIA Taxation and Corporate Law Forum on Saturday at VIA.
He said the Maharashtra government has recently passed an Ordinance on settlement of arrears of tax, interest, penalty or late fee which were levied, payable or imposed under various acts which where governed by Sales Tax Department.
He said that this is by far the best scheme brought by the government, which will pass benefits to the tax payers. He explained the Settlement Scheme 2019 in detailed covering all the aspects of the Scheme related to MVAT, CST Act & Entry Tax.
He said that one should clearly understand the meaning of disputed tax and undisputed tax as defined under the ordinance of settlement scheme. One should not get confused that where appeal is to be filed against any demand in disputed tax amount and demand against which appeal is not file in undisputed tax amount.
He elaborated on the definition of undisputed tax as per the Ordinance. He also cited few examples to explain what are disputed tax and what is undisputed tax.
He said that application for the settlement scheme should be filed in form 1 & 1A, after verifying all the facts so that full benefit of the scheme can be taken. The scheme will commence from April 1, 2019 and hence any tax pertaining to settlement should only be paid after April 1, 2019 only. He explained the conditions to avail benefit of the settlement scheme.
He added that the application should be filed online and the application should be accompanied by the following in case it is against a statutory order viz. copy of concerned statutory order against with settlement with sought, order of withdrawal of the appeal and if the same is not received then letter submitted for withdrawal of appeal, challans for payment of amount after date of order till 31st March, 2019, Challans showing payment of requisite amount.
Earlier, CA Naresh Jakhotia, VIA EC Co-opted Member welcomed the guest speaker and said this is the golden amnesty scheme for tax payers brought by the State government CA Sachin Jajodia Convener, VIA Taxation and Corporate Laws Forum conducted the proceedings and proposed a vote of thanks.
Saket Bagdia, Secretary, ICAI; CA Satish Sarda and representatives from industries Tata Steel; Eros Group, Minex Metallurgical Co Ltd., R C Plasto, Yash Forgings, Pee Vee Textiles; Orange City Steel Industries, Simplex Chemopack and professionals in large number were present at the programme.