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Maharashtra passes Bill to waive arrears before GST launch

Deputy Chief Minister and state finance minister Ajit Pawar said the move would benefit small industries, traders and other dealers who have undergone financial stress due to the pandemic.

Maharashtra government, Maha Vikas Aghadi (MVA) government, Maharashtra local body polls, OBC seats, Maharashtra, Indian Express, OBC quota, OBC reservationFinance department officials said this is like an amnesty scheme. (File)

The Maharashtra legislature on Monday passed a Bill to provide for settlement of arrears of tax, interest, penalty or late fee that were payable under Acts prior to the implementation of Goods and Services Tax (GST). This will help generate huge funds for the state.

Deputy Chief Minister and state finance minister Ajit Pawar said the move would benefit small industries, traders and other dealers who have undergone financial stress due to the pandemic. “A large number of cases involving outstanding dues and litigations are pending. To reduce the old litigation and get the outstanding. the government considers it expedient to provide for a scheme for settlement of arrears of tax, interest, penalty or late fee,” he said.

Finance department officials said this is like an amnesty scheme.

The Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2022, will come into effect from April 1 and firms can make the payment of arrears between April 1 to September 30. The state said over one lakh traders can benefit from this.

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Those with arrears of Rs 10 lakh or less can opt for lump sum payment of 20 per cent of the dues. In such cases 80 per cent will be waived and it will benefit around 2.20 lakh traders.

First published on: 22-03-2022 at 12:53 IST
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