Government extends interest exemption regime for traders until September 2
The state government has extended the interest relief regime for merchants, cable operators and other resellers by three months in view of the continuing pandemic.
The Single Settlement System (OTS) was intended to waive interest on tax obligations created against dealerships registered under the UP Sales Tax Act, Central Sales Tax Act, UP Entertainment Act Tax Act and UP Cable Television Network Act through December. 2020 provided that the defaulters can pay the entire capital in one go.
The program was launched for three months, from March 3 to June 2. The government issued a new notification on Monday extending the same program until September 2, considering that most traders were unable to benefit from the program due to the start of the second wave of the program. pandemic at the end of March.
“The scheme will now remain in effect from March 3, 2021 to September 2, 2021, with all terms and conditions being the same as those set out in the GO published on March 3, 2021,” the notification issued by the Additional Chief Secretary, Commercial Tax, Sanjiv Mittal said.
Previously, the Trade Tax Commissioner Ministhy S wrote a letter to the government on May 25 proposing the extension of the interest relief scheme which covers tax obligations only before the GST scheme which came into effect on July 1. 2017.
The program offers a 100% waiver of the interest component on arrears up to ₹10 lakh, 90% on arrears over ₹10 lakh and up ₹1 crore, 50% on contributions between ₹1 crore and 5 crore and only 10% on arrears if they are higher ₹5 crores.