Karnataka Govt. extends Time Limit for Reassessment under VAT for the year 2016-17 [Read Order]

The Karnataka Government has issued the Removal of Difficulties order to extend the time limit for reassessment under Karnataka Value Added Tax Act, 2003 for the year 2016-17 by Three Months till 31st July 2021.

The state government clarified that for the purpose of calculating, the “five years after the end of prescribed tax period” sub‐section (1) of Section 40 of the Karnataka Value Added Tax Act, 2003, relating to tax periods upto March 2017, shall be considered to be “five years and three months after the end of prescribed tax period”.

It was also clarified that for the purpose of calculating the “eight years after the end of prescribed tax period” in sub‐section (2) of Section 40 of said Act, relating to tax periods upto March 2017, shall be considered to be “eight years and three months after the end of prescribed tax period”.

“For the those orders appealed against are served after 1st day of October, 2020 and before 31st day of December, 2020, for the purpose of calculating the “further period of one hundred and eighty days” in sub-section (2) of Section 62 of the said Act, shall be considered to be “ further period of two hundred seventy days”, the notification read.

The notification said that for the those orders appealed against are served after 1st day of October, 2020 and before 31st day of December, 2020, for the purpose of calculating the “further period of one hundred and eighty days” in sub-section (2) of Section 63 of the said Act, shall be considered to be “ further period of two hundred seventy days.

For the purpose of calculating, the “four years have expired after of passing of order sought to be revised” in sub‐section (2) of Section 63A of the said Act, relating to tax periods upto March 2017, shall be considered to be “four years and three months have expired after the passing of the order sought to be revised”.

The “one year from the date of initiation of proceedings or calling for records” in sub‐section (3) of Section 63A of the said Act, relating to tax periods upto March 2017, shall be considered to be one year and three months from the date of initiation of proceedings or calling for the records”.

It is clarified that for the purpose of calculating “four year have expired after of passing of order sought to be revised” in sub-section (3) of Section 64 of the said Act, relating to tax periods upto March 2017, shall be considered to be “four years and three months have expired after the passing of the order sought to be revised”;

Lastly, for the purpose of calculating “five years from the date of an order passed by it ” in sub- section (1) of Section 69 of the said Act, shall be considered to be “five years and three months from the date of an order passed by it”

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