Saturday, June 20, 2015

Amnesty Scheme Amended / Revised

Cheers of traders comes to halt. Government has revised LBT Amnesty Scheme. Incorporated changes suggested by Municipal Corporations. Now the Amnesty scheme is balanced, from earlier being too Tax Payer friendly.

LBT Amnesty Scheme was announced on 3rd June 2015. Giving option to tax payers to pay all the dues without interest and penalty. Which was a dream come true because of all Tax Payer Friendly provisions in the Amnesty Scheme like 
  1. No tax, interest or penalty will be charged after 31st Dec 2015. 
  2. Only 10% of the assessee will be assessed 
  3. All assessment will be completed by 31st Dec 2015 (i.e. in just 5 months - Aug to Dec)
  4. If in amnesty scheme also dealer fails to disclose and pay LBT upto 10%, no interest and penalty will be charged.
Because of these provisions in Amnesty Scheme, Municipal Corporations had written to the Urban Development Department to make changes. Specially Nagpur Municipal Corporation had raised their concerns over the provisions of the Amnesty Scheme could be misused and Corporations will have to bear losses. Already the Corporations are worried on the falling collections and LBT being withdrawn from 1st August*.

The following changes / amendments will be made in the Amnesty Scheme.

  1. Traders defaulting LBT will have to shell out penalty along with interest
  2. Deadline of March 31, 2016 to complete assessment of traders registered under LBT
The notification for the same as of writing this post was not found in any of the 18 Municipal Corporation Website. Follow us on Google Plus or Subscribe to get updated on all news on LBT.

This Article will be updated soon, as we have more info on amendments made in Amnesty Scheme.

* - There is no Official Circular or Notification regarding withdrawal of LBT from 1st August 2015. Read article on this - here 

Read about LBT Amnesty Scheme in Detail - here

Application for LBT Amnesty Scheme - here

Source : Times of India