The bill to create the Goods and Services Tax (GST) amnesty scheme was passed by the Maharashtra Legislative Assembly on Monday. The Maharashtra Tax, Interest, Penalty, or Late Fee 2022 Scheme would be made easier to apply thanks to the Act. The State Finance Minister, in particular, proposed the amnesty scheme for pending sales tax debts during the state budget announcement.
The amnesty policy will apply to all pending dues as of June 21, 2017, before the GST was implemented, according to the government’s announcement. The public can apply for benefits between April 1 and September 30, 2022, under the scheme. Those standing up to be beneficiaries of this plan, on the other hand, will be required to unconditionally withdraw any ongoing appeals. Around 5 lakh instances are projected to benefit after that is completed.
Arrears of less than $10,000 would be waived, benefiting roughly 1 lakh small dealers. Beginning April 1, 2022, dealers with arrears of up to ten lakh rupees will have the option of paying 20% of the total amount outstanding. The remaining sum would be waived, giving roughly 2 lakh dealers tax breaks.
The move is intended to help small businesses, traders, and other dealers who have suffered financial hardship as a result of the pandemic. The Maharashtra Settlement of Arrears of Tax, Interest, Penalty, or Late Fee Act, 2022, will take effect on April 1, and businesses will have until September 30 to clear their arrears.
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