Calculation of Tax Dues: method for dealers to compute VAT liabilities and penalty waivers under the Scheme. Procedure prescribes computation of tax dues under the Scheme by (a) dealers without assessment notice-commodity wise taxable turnover multiplied by applicable schedule rates, with non turnover deficiencies equating to the deficiency amount; (b) dealers with assessment notice-aggregate tax and interest in the assessment less payments, with related penalty waived but no refund claim; and (c) works contractors and persons required to deduct tax-special turnover or withholding based calculations, with interest and penalty immunities subject to filing and payment conditions.
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Calculation of Tax Dues: method for dealers to compute VAT liabilities and penalty waivers under the Scheme.
Procedure prescribes computation of tax dues under the Scheme by (a) dealers without assessment notice-commodity wise taxable turnover multiplied by applicable schedule rates, with non turnover deficiencies equating to the deficiency amount; (b) dealers with assessment notice-aggregate tax and interest in the assessment less payments, with related penalty waived but no refund claim; and (c) works contractors and persons required to deduct tax-special turnover or withholding based calculations, with interest and penalty immunities subject to filing and payment conditions.
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