The State GST Department has reminded taxpayers that the deadline to apply for the Amnesty Scheme 2024, aimed at resolving decades-old tax arrears under pre-GST tax regimes, is December 31, 2024. The scheme, launched on August 1, 2024, following its announcement in the State Budget, seeks to provide relief to the trade sector by addressing tax arrears under various acts, including:
- Kerala Value Added Tax Act
- Kerala Agricultural Income Tax Act
- Kerala General Sales Tax Act
- Kerala Tax on Luxuries Act
- Kerala Surcharge on Taxes Act
Benefits of the Amnesty Scheme 2024
The scheme offers a 100% waiver on tax arrears up to ₹50,000. For arrears exceeding ₹50,000, the applicable settlement rates for December are as follows:
- ₹50,000 to ₹10 lakh: Pay 36% of the tax amount.
- ₹10 lakh to ₹1 crore:
- Under litigation: Pay 46% of the tax amount.
- Others: Pay 56% of the tax amount.
- Above ₹1 crore:
- Under litigation: Pay 76% of the tax amount.
- Others: Pay 86% of the tax amount.
How to Apply
Taxpayers are encouraged to take advantage of this opportunity before the deadline. For more information or assistance, visit the official State GST Department portal.
This scheme is expected to significantly benefit businesses by resolving long-pending disputes and clearing tax liabilities from pre-GST regimes. Don't miss this chance to settle your arrears at reduced rates!
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