UP VAT: Interest waiver scheme 2021

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Team Studycafe | Mar 11, 2021 | Views 1698681

UP VAT: Interest waiver scheme 2021

UP VAT: Interest waiver scheme 2021

Uttar Pradesh Government (Commercial Tax Department) has come with a plan of Interest Wavier Scheme in UP VAT. This Scheme came into effect from 3rd March 2021 & is valid for upto 3 months. This Scheme has been introduced to lower the tax burden of the taxpayer so that they can focus on GST.

 

 

Important Key points of the Scheme:

1. Merchants will not face any harassment.

2. Application to be made on the departmental portal, no need to come to Office.

3. As a result of the interest waiver scheme, the merchant has the opportunity to focus their attention entirely on GST.

4. 100% pardon of interest and penalties for small traders having turnover up to 10 lakh.

5. 90% of interest & 100% of penalty wavier for small traders having turnover from 10 lakh to 1 cr.

6. Attractive discounts to big traders

Implementation of interest waiver scheme applicable to the demand of all orders set in Uttar Pradesh Trade Tax Act 1948, Central Sales Tax Act 1956, Uttar Pradesh Entry Tax Act 2007.

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