Karsamadhana Scheme Due Date extended till 31st December 2021

Last Updated On: July 20, 2021, 11:14 p.m.
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KARSAMADHANA  SCHEME DUE DATE EXTENDED TILL 31ST DEC 2021

The Karnataka Government extended the time for completion of Assessment or Reassessment or Rectification, withdrawal of the appeal, other proceedings to avail benefits under Karasamadhana Scheme, 2021. “Karnataka State Tax Practitioners Association (R), Bengaluru has represented for extension of time for completion of assessments/re-assessment/rectification and withdrawal of appeal and other proceedings on account of inconvenience faced by Trade and Industries due to lockdown imposed in the State to avail the benefits under Karasamadhana Scheme, 2021

As per the notification the  Karasamadhana Scheme, 2021 grants the waiver of 100% of arrears of penalty and interest payable by a dealer under the Karnataka Value Added Tax Act, 2003 (KVAT) and CST Act relating to the assessments/ re-assessments/ rectification orders already completed and to be completed on or before August 31, 2021, instead of July 31, 2021.

Further, any dealer or person or proprietor as the case may be, who makes full payment of arrears of tax on or before December 31, 2021, instead of October 31, 2021, shall be granted a waiver of 100% of arrears of penalty and interest payable. However, any penalty levied by the Registering Authority under section 10-A of the CST Act shall not be eligible for benefit of waiver under this Scheme.

 

After receipt of information from the Assessing Authority/Recovery Officer/Prescribed Authority, the dealer or person or proprietor, as the case may be, at his option may pay the balance amount of tax to avail of the benefits of this Scheme. All payments should be made within fifteen days from the date of receipt of information or on or before January 15, 2022, instead of November 15, 2021, whichever is earlier in cases where information received is from the Assessing authority/Recovery Officer/Prescribed Authority. The applicant shall become ineligible to avail of this Scheme if any partial amount is still outstanding, as arrears on the specified date.

 

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