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MVAT Settlement of Arrears of Tax Interest Penalty amp Late fee Act 2022
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MVAT Settlement of Arrears of Tax, Interest, Penalty Late fee Act 2022. Overview by CA Umesh Sharma. • • #GST #MVAT #Update #MVATSettlement • Maharashtra Settlement of Arrears of Tax, Interest, Penalty Late fee Act, 2022 is recently introduced and made effective from 1st April 2022. • Eligibility of Settlement are – • The applicant, registered or not, shall be eligible to make an application for settlement of arrears of tax, interest, penalty or late fee whether or not such arrears are disputed or not; • The applicant who has already availed benefit under any of the following schemes, are also eligible to avail benefit under present settlement scheme – • o Amnesty scheme; • o Maharashtra Settlement of Arrears in Disputes Act, 2016; and • o Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2019. • Adjustment of amount already paid before 31st March 2022 – • Any amount paid in respect of the statutory order prior to 31st March 2022 will be adjusted in following manner – • 1. Undisputed tax; • 2. Disputed tax; • 3. Interest; • 4. Penalty; • 5. Late fees; • 6. Any demand raised by statutory order between the period 1st April 2022 to 30th September 2022. • Other important points – • Amount written off – • o Any arrear determined, as per the statutory order, for the specific period which is below INR 10,000 per Financial Year will be written off. • o Post assessment interest on such written off dues shall also stand waived. • Methods of payment under settlement scheme – • o Payment can be done via any of the following available option – • 1. One time payment option; • 2. Installment option. • o The requisite amount under INR 50 Lakhs needs to be paid via One time payment option. Whereas, both one time payment option and installment option is available when requisite amount is above INR 50 Lakhs. • o Such payment is to be done via challan in Form MTR-6. • 1st April to 14th October, 2022 is the duration for submission of application under section 12 of the Act. • • Follow us - • Website: https://taxguru.in/ • Facebook: / taxguruin • Twitter: / taxguru_in • LinkedIn: / profile • Instagram : / taxguruin
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