https://www.taxtmi.com/article/detailed?id=12282 The Act permits eligible dealers to settle tax, interest and penalty liabilities by paying a specified percentage, with a waiver of accrued interest providing relief; however, ambiguity exists whether amounts paid as a pre-deposit in appeals can be credited against the settlement sum under Section 7, given that pre-deposits are treated as deposits not tax. Conflicting definitions of arrears of tax and disputed tax, together with an express restriction on adjustment or refund, and unclear treatment of demands revised after assessment, necessitate departmental clarification to effectuate the scheme's intent. en-us Sat, 03 Feb 2024 08:28:31 +0530 Sat, 03 Feb 2024 08:28:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12282 The Act permits eligible dealers to settle tax, interest and penalty liabilities by paying a specified percentage, with a waiver of accrued interest providing relief; however, ambiguity exists whether amounts paid as a pre-deposit in appeals can be credited against the settlement sum under Section 7, given that pre-deposits are treated as deposits not tax. Conflicting definitions of arrears of tax and disputed tax, together with an express restriction on adjustment or refund, and unclear treatment of demands revised after assessment, necessitate departmental clarification to effectuate the scheme's intent. Articles Value Added Tax - VAT and CST Sat, 03 Feb 2024 08:28:31 +0530 https://www.taxtmi.com/article/detailed?id=12282