The Kerala Goods and Services Tax (KGST) department today declared that the amnesty scheme announced in the State Budget 2017-18 is available to traders till 30th June 2018.
Kerala Finance Minister T.M. Thomas Isaac, in his budget for the year 2017-18, has announced an amnesty scheme for redressing the tax disputes of assessees under the Value Added Tax, Luxury Tax, and Kerala Agricultural Income Tax laws.
This was with an aim to reduce litigation with the rollout of India’s major tax reform, the Goods, and Services Tax (GST).
During the budget speech for 2017-18, Dr. Isaac said if the tax arrears of the assessment years from 2005-06 to 2010-11 was fully remitted, the interest thereon and 70% of the penalty and interest on penalty would be waived.
As per the scheme, all arrears of a year could be settled together by the dealer. A trader who avails himself of the scheme will have to withdraw all cases, revision, and appeals pending before any forum. Tax arrears and interest would be calculated on the date of submitting an application. Arrears under the Central Sales Tax Act could also be settled. The last date for joining the scheme was initially fixed on June 30, 2017. The amount fixed under the scheme could be paid in equal installments on or before the date prescribed by the Government.
