The Karnataka State Government extended the time for completion of Assessments and Reassessments or Rectification to avail benefits under Karasamadhana Scheme, 2021.
The Chief Minister and Finance Minister in his Budget Speech for the year 2021-22 made on 8 March 2021 had announced that a Karasamadhara Scheme will be introduced with a view to reduce the arrears arising out of the enactments administered by the Commercial Tax Department which existed before the introduction of Goods and Services Tax Act. The Scheme for waiver of penalty and interest was formulated and issued.
Earlier, considering the request of the Karnataka State Tax Practitioners Association Bengaluru, time for completion of assessments, re-assessments/rectification and other proceedings was extended upto August 31, 2021.
Now, Karnataka Chamber of Commerce & Industry, Hubballi and Kanara Chamber of Commerce & Industry, Mangaluru have represented for further extension of time limit for completion of assessments/re-assessments rectification and other proceedings on account of inconvenience faced by Trade and Industries due to lockdown imposed in the State to avail the benefits under Karasamadharia Scheme.
Therefore, the government has extended the time for completion of Assessments and Reassessments or Rectification to avail benefits under Karasamadhana Scheme, 2021 from August 31, 2021 to October 30, 2021.
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