‘Settlement Scheme under MVAT is best opportunity’
   Date :24-Mar-2019
 
 
 
 
Business Bureau,
 
CA Shailendra Jain said that the ‘Settlement of Dispute Scheme Under MVAT and CST’ offers best opportunity for those wish wish to settle their long pending issues with regard to taxes. While addressing the gathering of entrepreneurs, businessmes, professionals and others here during the session on “Settlement of Dispute Scheme Under MVAT and CST”, organised by the Vidarbha Industries Association Taxation & Corporate Law Forum here at VIA Hall in Civil Lines. Jain was the key note speaker on the occasion. The Governmnet of Maharashtra has recently passed an ordinance to settlement of arrears of tax, interest, penalty or late fee which were levied, payable or imposed under various acts which where governed by Sales Tax Department. Jain said that this is by far the best scheme brought by the Government, which will give respite to many tax payers. Elaborating on the scheme. he first of all explained the ‘Settlement Scheme 2019’ in detailed covering all the aspects of MVAT, CST Act and Entry Tax. He then highlighted the difference between ‘Disputed Tax’ and ‘Undisputed Tax’ as defined under the Ordinance of Settlement Scheme.
 
“One should not get confused that where appeal is to be filed against any demand in disputed tax amount and demand against which appeal is not file in undisputed tax amount”, he said. He gave few examples to explain what are disputed taxes and what are undisputed taxes. During his presentation he said that application for the Settlement Scheme should be filed in form 1 & 1A, after verifying all the facts of the case so that full benefit of the scheme can be taken. The scheme will commence from April 1, 2019 and hence any tax pertaining to settlement should only be paid after April 1, 2019 only. He explained the conditions to avail benefit of the settlement scheme are that statutory order should be passed upto July 15, 2017 or the returns / revised returns should be filed upto July 15, 2019, settlement for late fees in respect of returns for periods upto June 30, 2017 will be available only if such returns are filed from April 1, 2019 to July 31, 2019, application should be made on or before June 30, 2019 for the first phase and before July 31, 2019 for the second phase. He further added that the application should be filed online and it should be accompanied by the following in case it is against a statutory order viz.
 
Copy of Concerned Statutory Order against with settlement with sought, Order of withdrawal of the appeal and if the same is not received then letter submitted for withdrawal of appeal, Challans for payment of amount after date of order till 31st March, 2019, Challans showing payment of requisite amount. Earlier, CA Naresh Jakhotia, VIA EC Co-opted Member welcomed the guest speaker with floral bouquet. CA Sachin Jajodia, Convener of VIA Taxation & Corporate Laws Forum, conducted the proceedings and also proposed the vote of thanks. CA Saket Bagdia, Secretary of ICAI; CA Satish Sarda and representatives from various companies also attended the session.