Nagpur zone exceeds amnesty estimates for pre-GST regime dues

    NAGPUR: As central goods and services tax (GST) department is running Sabka Vishwas amnesty scheme for defaults of the earlier central excise and service tax regime, Nagpur is among three zones where the response has been beyond the estimates. The scheme was extended for 15 days on December 31, 2019.

    The scheme covers tax demands of pre-GST regime that have been held up under litigation. The taxpayers can clear their liability by paying the dues ranging up to 60% of the demand. At the time of launch, estimates were made on the basis of number of long-drawn litigations where it was hoped that the taxpayer may go for a settlement.

    Till 2019 end, 1.36 lakh applications for an amount of Rs6,99,770 crore were received by the department from all over the country. Over 7,500 applications have been made in Nagpur zone for an amount of Rs339 crore. This comes to 117% of the estimate. The Nagpur zone covers Nashik and Aurangabad commissionerate too.

    The average response comes to 73% of the total estimates drawn for all zones. The other two zones where the actuals have exceeded the estimates are Visakhapatnam and Mumbai.

    Source said the better performance in the zones like Nagpur has helped in pulling up the national average to 73%.

    If the number has exceeded the estimates, it means that even those assessees whom the department thought may prefer to continue with the litigations have turned up and applied under the scheme. Once an application is made, the amount due to the government if freezed.

    Chartered accountant Pritam Mahure says, “Sabka Vishwas scheme has been successful as it has liquidated more than 73% of the pending legacy. The number of applications may even go up further due to the 15-day extension. However, many taxpayers are unable to apply due to severe cash crunch on account of slowdown and thus more extension, say by 2 months, could have been better.”

    Source- Times of India.

The post Nagpur zone exceeds amnesty estimates for pre-GST regime dues appeared first on GST Station.

Click here for more...
from #Bangladesh #News aka Bangladesh News Now!!!


Popular posts from this blog

Caution Compliance Companies continues to con Florida corporations


Consequences of incorrect invoice details uploaded while filing GSTR 1