Tax Experts demand to extend Last date of VAT Assessment period:

Tax Experts demand to extend Last date of VAT Assessment period In Madhya Pradesh, approximately 4500 VAT assessments for the financial year 2021–22 must be completed by December 2023. With only 18 scheduled days left before the assessment period ends on December 31, 2023, tax consultants have recommended an extension in order to avoid demand notices. The Madhya Pradesh Tax Law Bar Association and the Commercial Tax Practitioners Association requested the government to extend the deadline for VAT assessment to June 30, 2024. "With only 18 business days left in the month, assessing 4500 cases will not be practical, Delaying these cases may result in a demand of thousands of crores," said Madhya Pradesh Tax Law Bar Association president AK Lakhotia. In a memorandum to the SGST commissioner, tax experts urged him to extend the deadline due to the volume of VAT cases in the state. They claimed that assembly elections in November and official training caused delays in the assessment of VAT cases, resulting in a huge list of cases scheduled for assessment by the end of December. "We have also suggested the department to implement a deemed scheme for VAT cases, and this will be beneficial for both the taxpayer and the department," Commercial Tax Practitioners Association president advocate Devendra Jain said.