Punjab Voluntary Disclosure scheme notified

Those dealers who have made any discrepancy like not paying tax while discharging tax liabilities can now get reprieve from any penal action by just opting for Punjab government's most ambitious Voluntary Disclosure scheme.
With Punjab Excise and Taxation department notifying 'Punjab Voluntary Disclosure of Value Added Tax Scheme, 2013' scheme, dealers or traders can apply this scheme by January 31, 2014 to avoid any harsh action, official sources said here.
Under the scheme, dealers or traders could get their "mistakes rectified" by just paying outstanding tax along with 1.5 per cent simple interest from the date it became due.

After applying for the scheme the assessing officer will assess the tax due within 30 days of such application, sources said.
The dealer or trader could pay 25 per cent of tax due within a month from the date of service of tax demand notice while rest may be paid within next 60 days.
Sources further said only those traders would be eligible for opting for scheme who have claimed input tax credit but has not actually deposited such tax and claimed the concessional rate of tax on account of branch transfer or under the Inter-State trade but the goods have actually not been sent by him outside the state.

A dealer who has made zero rated sales on account of exports but such exports either did not take place or were over-invoiced and a person who has not calculated the tax liability in a correct manner as a result of which less tax was paid in state treasury would also be eligible for this scheme.
However, those dealers would be debarred from availing this scheme are whose business premises had been inspected by the department and against whom proceedings for investigation had been initiated, prior to the date of application, sources said.